Quantcast

World Bank to Invest $200 Billion to Tackle Climate Change

Climate
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."

EcoWatch Daily Newsletter

Micromobility is the future of transportation in cities, but cities and investors need to plan ahead to avoid challenges. Jonny Kennaugh / Unsplash

By Carlo Ratti, Ida Auken

On the window of a bike shop in Copenhagen, a sign reads: Your next car is a bike.

Read More Show Less
An American flag waves in the wind at the Phillip Burton Federal Building in San Francisco, California on May 17 where a trial against Monsanto took place. Alva and Alberta Pilliod, were awarded more than $2 billion in damages in their lawsuit against Monsanto, though the judge in the case lowered the damage award to $87 million. JOSH EDELSON / AFP / Getty Images

By Carey Gillam

For the last five years, Chris Stevick has helped his wife Elaine in her battle against a vicious type of cancer that the couple believes was caused by Elaine's repeated use of Monsanto's Roundup herbicide around a California property the couple owned. Now the roles are reversed as Elaine must help Chris face his own cancer.

Read More Show Less
Sponsored
Butterfly habitats have fallen 77 percent in the last 50 years. Pixabay / Pexels

The last 50 years have been brutal for wildlife. Animals have lost their habitats and seen their numbers plummet. Now a new report from a British conservation group warns that habitat destruction and increased pesticide use has on a trajectory for an "insect apocalypse," which will have dire consequences for humans and all life on Earth, as The Guardian reported.

Read More Show Less
Six of the nineteen wind turbines which were installed on Frodsham Marsh, near the coal-powered Fiddler's Ferry power station, in Helsby, England on Feb. 7, 2017.

Sales of electric cars are surging and the world is generating more and more power from renewable sources, but it is not enough to cut greenhouse gas emissions and to stop the global climate crisis, according to a new report from the International Energy Agency (IEA).

Read More Show Less
"Globally, we're starting to see examples of retailers moving away from plastics and throwaway packaging, but not at the urgency and scale needed to address this crisis." Greenpeace

By Jake Johnson

A Greenpeace report released Tuesday uses a hypothetical "Smart Supermarket" that has done away with environmentally damaging single-use plastics to outline a possible future in which the world's oceans and communities are free of bags, bottles, packaging and other harmful plastic pollutants.

Read More Show Less
Sponsored
Children are forced to wear masks due to the toxic smoke from peat land fires in Indonesia. Aulia Erlangga / CIFOR

By Irene Banos Ruiz

Pediatricians in New Delhi, India, say children's lungs are no longer pink, but black.

Our warming planet is already impacting the health of the world's children and will shape the future of an entire generation if we fail to limit global warming to well below 2 degrees Celsius (35.6°F), the 2019 Lancet Countdown Report on health and climate change shows.

Read More Show Less
Private homes surround a 20 inch gas liquids pipeline which is part of the Mariner East II project on Oct. 5, 2017 in Marchwood, Penn. Robert Nickelsberg / Getty Images

The FBI is looking into how the state of Pennsylvania granted permits for a controversial natural gas pipeline as part of a corruption investigation, the AP reports.

Read More Show Less
Three cows who were washed off their North Carolina island by Hurricane Dorian have been found alive after swimming at least two miles. Carolina Wild Ones / Facebook

Three cows who were washed off their North Carolina island by Hurricane Dorian have been found alive after swimming at least two miles, The New York Times reported Wednesday.

Read More Show Less