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WB promises $200b in 2021-25 climate cash

MNA Business Desk: The World Bank on Monday unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding, reported news agency.

The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a “significantly ramped up ambition” to tackle climate change, “sending an important signal to the wider global community to do the same.”

Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change — up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.

In a statement, the World Bank said the breakdown of the $200 billion would comprise “approximately $100 billion in direct finance from the World Bank.”

Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital “mobilised by the World Bank Group.”

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