(Ecofin Agency) - Today December 3, 2018, World Bank announced new goals in the fight against climate change for 2021-2025 calling for an increase of its current investments by five to $200 billion. The aim of this investment is to help countries take measures against climate change. The institution announced this during the COP24 being held in Katowice, Poland.
"Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change", said Jim Yong Kim (photo), World Bank’s president.
This fund is made of about $100 billion of direct financing from the World Bank (IBRD/IDA) and about $100 billion of combined direct investments from the International Finance Corporation, the Multilateral Investment Guarantee Agency (MIGA) and private capitals raised by World Bank.
According to Kristalina Georgieva, World Bank's Chief executive officer, "the World Bank will step up climate finance to $100 billion, half of which will go to build better-adapted homes, schools and infrastructure, and invest in climate-smart agriculture, sustainable water management and responsive social safety nets".
In addition, the measures will consist notably in supporting better forecasting, early warning systems and climate information systems to better prepare 250 million residents of 30 developing countries to climate risks.
These investments will also help implement social protection systems more sensitive to climate in forty countries and fund investments in climate-smart agriculture in 20 countries.
Finally, to guarantee that systematic adaptation, World Bank plans to elaborate a new rating system to monitor and encourage progress globally.