By allocating 45% of its yearly financing to the fight against climate change, the World Bank Group is going above and beyond its initial targets. This is a significant increase, allocating over $40 billion for the fiscal year from July 1, 2024, to June 30, 2025, about $9 billion up from the original plans.
This higher goal exceeds the Bank’s 2021 commitment to complete 35% of climate-related projects by 2025; performance so far has averaged 36.3% since July 2022, ahead of schedule.
The World Bank’s increased climate commitment demonstrates its commitment to this objective, which was reinforced after it was recently granted an enlarged mandate to establish a world free of poverty on a sustainable planet. The World Bank Group’s programs prioritise protecting ecosystems and biodiversity, which benefits people and the environment alike, in addition to strengthening resilience and adaptation for those most impacted by climate changes.
The Bank will continue to provide adaptation measures for nations facing climate-related shocks and mitigation efforts to lower greenhouse gas emissions, addressing the underlying causes of climate change, in keeping with its commitment to leverage its financial resources for climate action.
The World Bank Group stands as a major global provider of funding and expertise for developing nations. Its five institutions are united in their dedication to alleviating poverty, fostering inclusive prosperity, and advancing sustainable development.
