This represents a third of current investments.
LIMA, Peru, October 9, 2015—The World Bank Group today announced it will increase climate financing to potentially $29 billion annually, to push global efforts to help countries tackle the impacts of climate change and move toward low-carbon growth.
The announcement was made during the Annual Meetings of World Bank Group and IMF in Lima in a private meeting of ministers who gathered to talk about climate financing ahead of the 21st Conference of the Parties (COP21).
The World Bank Group’s climate finance pledge is dependent on client demand and on maintaining current financial capacity. The Bank Group’s Board has agreed to a roadmap to review its shareholding and financing capacity in the coming years.
The investments will boost support for renewable energy and energy efficiency, climate-smart transport solutions, resilient cities, the restoration of degraded forests and landscapes, enhanced water security, and agricultural practices.