The World Bank has unveiled its ambitious plan to support renewable energy development and fulfil its pledge under the Paris Agreement.
In a statement by World Bank Group President Jim Yong Kim, he says, “Following the Paris climate agreement, we must now take bold action to protect our planet for future generations… We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, liveable cities for growing urban populations. Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them.”
The plan is designed to increase clean energy projects in developing countries and the Bank is aiming to double its current contributions to global energy capacity by adding 30 GW which is enough to power 150 million homes, bring early warning systems to 100 million people, and develop climate-smart agriculture investment plans for an estimated 40 countries.
The plan also involves green transport, climate-smart agriculture, and urban resilience as well as increasing climate financing to $29 billion annually by 2020.
The Climate Change Action Plan aims to accelerate efforts to tackle climate change over the next five years and will help developing nations deliver on their national climate plans submitted for the historic climate agreement reached at COP21 in Paris in December.