The World Bank revealed its climate change plans in their latest report. Climate change is one of the defining challenges of our generation, according to the organisation.
In the statement released on 2 April 2021, David Malpass, president of the World Bank Group, says:
“The World Bank Group is already the largest multilateral provider of climate finance for developing countries and has increased financing to record levels over the past two years. To deliver on our twin goals of reducing poverty and boosting shared prosperity, it is critical that the World Bank Group help countries fully integrate climate and development. It is also important we help countries maximize the impact of climate finance, with measurable improvements in livelihoods through adaptation, and measurable reductions in greenhouse gas emissions through mitigation.”
To deliver the World Bank’s goals, it will prioritize the following climate actions:
- Increase climate finance. Fifty percent of climate financing will go to climate adaptation and resilience, and 35% of World Bank Group Financing will have climate co-benefits.
- Focusing on climate result and impact specifically on GHG reduction, and with new metrics measure results on climate adaptation and resilience initiatives.
- Create reports to help countries prepare and implement their Nationally Determined Contributions (NDCs) and Long-term strategies (LTSs). NDCs outline how governments will reduce their greenhouse gas emissions and adapt to climate change effects.
- Reduce emissions in critical sectors that account for most global emissions – energy, transport, food systems, and manufacturing.
- Support transition from coal in client countries that request them. One way to do this is to help people working in the coal sector transition their skills and jobs to other cleaner energy alternatives.
- Finally, the plan will seek to align the organization financing flows with the Paris Agreement objectives.
To view the Highlights of the World Bank’s Climate Change Action Plan, click the link below: