World Bank will increase its share in climate finance to 45 percent
DUBAI, December 3 – RIA Novosti. Speaking at the 28th World Bank Conference, World Bank President Ajay Banga said that the World Bank (WB) has decided to increase its annual financing share for climate-related projects from 35% to 45% and will invest 40 billion for these purposes starting from 2025. He said he allocated more dollars. Parties to the UN Framework Convention on Climate Change (COP28) in Dubai.
“To accelerate the fight against climate change, the World Bank Group has decided to allocate 45% of its annual financing to climate-related projects for the fiscal year between 1 July 2024 and 30 June 2025. The increased ambition means more than $40 billion will be used for these purposes, “This is approximately nine billion more than previously planned,” he said.
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In 2021, the World Bank announced its goal of allocating an average of 35 percent of its annual financing to climate-related projects by 2025, but as of July 2022, this figure has averaged 36.3 percent.
As stated in the bank’s press release, the World Bank Group’s projects will focus on increasing the resilience and adaptation of those most affected by the effects of climate change, as well as protecting ecosystems and biodiversity to protect the health of people and the planet.
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