The World Bank has made a shift in its involvement in tackling poverty as it now gears its efforts towards climate change. Being the world’s highest funder of developing countries, the World Bank would spend 28 per cent of its investment on projects around climate change.
The World Bank was made a pillar for aiding poor countries in cutting down greenhouse gas emissions at last year’s landmark conference on Climate Change in Paris.
The president of the Bank, Jim Yong Kim, said that there is an urgent move by the bank to take bold actions in protecting the planet for future generation, in alignment with the Paris Climate Agreement. John Roome, the Senior Director for Climate Change at World Bank, also said that except something is done, a hundred million more people will be driven into poverty by climate change.
The group hopes to get $13billion in extra funding from the private sector yearly over the next four years coupled with $16 billion minimum from the World Bank Group yearly. This will sum up to about $29 million yearly by 2020, which is about a third of the yearly budget for climate finance in the global climate change agreements. The World Bank, having been criticised previously for supporting the construction of high emission infrastructure, has moved away from such investment although not totally ruling out the possibility of such future investment.