The World Bank has just announced that they will now be offering a whopping $200 billion in financing for the fight against climate change between 2021 and 2025.
The organization made the announcement in lieu of the international climate summit that will be taking place in Poland this week. Governments from around the world will be working together to hash out an implementation plan for meeting the goals that were set during the Paris Agreement in 2015.
The World Bank’s $200 billion commitment is actually double the amount of its original 5-year investment plan that it set during the Paris meeting. Half of the money will come in direct financing form the World Bank while the other half will be spent in loans and alternative assistance.
The international institution has already spent over $20.5 billion in sustainability projects this year alone – but now, they want to do even more.
“We are pushing ourselves to do more and go faster on climate and we call on the global community to do the same,” said World Bank President Jim Yong Kim. “This is about putting countries and communities in charge of building a safer, more climate-resilient future.”
Part of the financing will be used to implement climate adaption projects in developing nations, such as improved early-warning weather systems and smart agricultural initiatives. In terms of climate mitigation, the World Bank says they will also be helping cities and countries achieve their carbon-neutrality goals and build more sustainable infrastructure.
“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. “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.”
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