World Bank to invest $200bn to combat climate change

(The Guardian, 3 Dec 2018) Sum available for 2021-25 represents doubling of current five-year plan.

The World Bank is to make about $200bn (£157bn) available to fund action on climate change from 2021-25, helping countries adapt to the effects of warming and reduce greenhouse gas emissions.

The sum represents a doubling of the five-year investment plan put in place after the landmark Paris agreement of 2015.

Governments will meet in Poland this week and next to thrash out an implementation plan for the Paris accord, which binds countries to hold global warming to no more than 2C above pre-industrial levels, with an aspiration of a 1.5C limit.

Reports have shown the dangers of extreme weather if warming reaches 1.5C, and the need for governments to more than triple their efforts if these goals are to be maintained.

Jim Yong Kim, the president of the World Bank, said the poorest and most vulnerable people were at the greatest risk, and urged other financial institutions to follow its lead.

“We are pushing ourselves to do more and go faster on climate and we call on the global community to do the same,” he said. “This is about putting countries and communities in charge of building a safer, more climate-resilient future.”

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The Guardian, 3 Dec 2018: World Bank to invest $200bn to combat climate change