Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

World Bank to Invest $200 Billion to Tackle Climate Change

Climate
World Bank to Invest $200 Billion to Tackle Climate Change
Coastal parks such as Assateague Island National Seashore are experiencing increased threats of sea level rise. NPS Climate Change Response

As the all-important United Nations climate talks kick off in Katowice, Poland this week, the World Bank Group announced Monday that it will significantly ramp up its investments to fight climate change, and it is urging the wider global community to do so as well.

It will double its current 5-year investments to around $200 billion from 2021-2025 to boost adaptation and resilience in a rapidly warming world, especially in the world's poorest countries.


"Climate change is an existential threat to the world's poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change," World Bank Group President Jim Yong Kim said in a statement. "We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future."

The World Bank provides financial, advisory and technical support to developing countries. This year, the bank financed a record $7.7 billion in adaptation projects, such as a solar water pump for Nabeina village in the low-lying island nation of Kiribati, which is threatened by saltwater intrusion due to rising sea levels.

From Niger to Kiribati, How We Are Adapting to Climate Change www.youtube.com

Of the $200 billion in new funding, approximately $100 billion will come from direct finance from the World Bank. The money will go toward adaption measures such as building more resilient homes, schools and infrastructure, "smart agriculture" that better adapts to changing weather conditions, sustainable water management and responsive social safety nets, World Bank CEO Kristalina Georgieva said in a statement.

"People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people," Georgieva said.

The expected funding will also help improve weather forecasts, early warning systems and climate information services for 250 million people in 30 developing countries for climate risks, the bank said.

Further spending will also support 36 gigawatts of renewable energy projects; 1.5 million gigawatt-hours-worth of efficiency upgrades; helping 100 cities achieve low-carbon and resilient urban planning and improving transit; and protecting up to 120 million hectares of forests.

The other $100 billion will come from combined direct finance from the International Finance Corporation (IFC) which works with the private sector, the Multilateral Investment Guarantee Agency, as well as private capital raised by the World Bank.

"There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet," said IFC CEO Philippe Le Houérou in a statement. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment. We will do much more in helping finance renewable energy, green buildings, climate-smart agribusiness, urban transportation, water, and urban waste management."

In an ad released by Republican Voters Against Trump, former coronavirus task force member Olivia Troye roasted the president for his response. Republican Voters Against Trump / YouTube

Yet another former Trump administration staffer has come out with an endorsement for former Vice President Joe Biden, this time in response to President Donald Trump's handling of the coronavirus pandemic.

Read More Show Less

EcoWatch Daily Newsletter

Climate Group

Every September for the past 11 years, non-profit the Climate Group has hosted Climate Week NYC, a chance for business, government, activist and community leaders to come together and discuss solutions to the climate crisis.

Read More Show Less

Trending

A field of sunflowers near the Mehrum coal-fired power station, wind turbines and high-voltage lines in the Peine district of Germany on Aug. 3, 2020. Julian Stratenschulte / picture alliance via Getty Images

By Elliot Douglas

The coronavirus pandemic has altered economic priorities for governments around the world. But as wildfires tear up the west coast of the United States and Europe reels after one of its hottest summers on record, tackling climate change remains at the forefront of economic policy.

Read More Show Less
Monarch butterflies in Mexico's Oyamel forest in Michoacan, Mexico after migrating from Canada. Luis Acosta / AFP / Getty Images

By D. André Green II

One of nature's epic events is underway: Monarch butterflies' fall migration. Departing from all across the United States and Canada, the butterflies travel up to 2,500 miles to cluster at the same locations in Mexico or along the Pacific Coast where their great-grandparents spent the previous winter.

Read More Show Less
The 30th First Annual Ig Nobel Prize Ceremony on Sept. 17 introduced ten new Ig Nobel Prize winners, each intended to make people "laugh then think." Improbable Research / YouTube

The annual Ig Nobel prizes were awarded Thursday by the science humor magazine Annals of Improbable Research for scientific experiments that seem somewhat absurd, but are also thought-provoking. This was the 30th year the awards have been presented, but the first time they were not presented at Harvard University. Instead, they were delivered in a 75-minute pre-recorded ceremony.

Read More Show Less

Support Ecowatch