World Bank pledges extra $29bn to poorer nations for climate change fight

(guardian-, 10 Oct 2015) Jim Yong Kim, president of the World Bank Group, said it could boost funding by a third in response to client demand.

The World Bank has pledged to boost by up to $29bn the financial assistance pledged to poorer nations to cope with climate change, bringing closer the possibility of reaching a target of $100bn a year by 2020.

Jim Yong Kim , the president of the World Bank Group, said it could boost funding by a third, from 21% to 28%, in response to client demand. He spoke at a meeting of the World Bank and the IMF in Lima, Peru.

“As we move closer to Paris countries have identified trillions of dollars of climate-related needs. The bank, with the support of our members, will respond ambitiously to this great challenge,” Kim said.

In 2014 rich countries and businesses provided close to two-thirds, nearly $62bn, of the “climate finance” which is part of the global climate change negotiations, before the Paris conference this December , according to the OECD.

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guardian-, 10 Oct 2015: World Bank pledges extra $29bn to poorer nations for climate change fight