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World Bank to give $29 billion a year for climate

Staff writer ▼ | October 10, 2015
The World Bank Group will increase climate financing to potentially $29 billion annually with the support of its members.
Ecology   World Bank provides an average of $10.3 billion a year
This will give a huge boost to global efforts to help countries tackle the impacts of climate change and move toward low-carbon growth.

Currently, 21 percent of the Bank Group’s funding is climate related. President Jim Yong Kim said today that could rise to 28 percent in 2020 in response to client demand, representing a one-third increase in climate financing.

The World Bank Group now provides an average of $10.3 billion a year in direct financing for climate action. If current financing levels were maintained, this would mean an increase to $16 billion in 2020.

In addition, the Bank Group plans to continue current levels of leveraging co-financing for climate-related projects; at current financing levels, that could mean up to another $13 billion a year in 2020. The direct financing and leveraged co-financing together represent an estimated $29 billion.