World Bank announced an electrification plan that aims to assist developing countries, to develop 30 GW of clean energies, which could provide energy to 150 million households. The group also plans to develop climate smart agricultural investment plans for 40 countries, at least, and early warning systems for natural disasters.

“Following the Paris climate agreement, we must now take bold action to protect our planet for future generations. Developing countries want our help to implement            their national climate plans, and we’ll do all we can to help them,” World Bank Group President Jim Yong Kim said.

To give more impact to the plan, the institution mainly relies on national strategies and funds mobilization from private sector.

In this framework, International Finance Corporation, a World Bank arm, will raise its climate funding to $3.5 billion from $2.2 billion, per year, while allowing the raising of $13 billion in private funding, by 2020. As for World Bank, it decided to mobilize over the next five years, $25 billion of private funds in favor of climate.

The electrification plan is part of World Bank’s targets under its Climate Change Action Plan which aims to accelerate efforts to mitigate global warming, by developing countries, by 2020.

Gwladys Johnson