- The World Bank has unveiled 200 billion US Dollars in climate action investment for 2021 to 2025, adding that this amounts to a doubling of its current five-year funding.
- The move coincides with a UNFCCC COP-24 climate summit in Katowice, Poland.
- According to the World Bank, the move represents a significantly ramped up ambition to tackle climate change and sends an important signal to the wider global community to do the same.
- The statement said the breakdown of 200 billion dollars 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.
- World Bank senior director for climate change, John Roome said, if the emissions are not reduced, 100 million more people will be living in poverty by 2030.
