Casablanca – The World Bank Group has announced that it has mobilized a record $31.7 billion in the fiscal year 2022 to help countries reduce their greenhouse gas emissions and adapt to the increasing effects of climate change.
In line with the Group’s 2021-2025 Climate Change Action Plan, the current record represents a 19% rise over the previous fiscal year’s record of $26.6 billion.
In only one year, between July 1, 2021, and June 30, 2022, climate action investments accounted for 36% of total World Bank Group funding, exceeding the Action Plan’s aim of deploying an average of 35% of the bank’s financing in support of climate action.
“In our last fiscal year ending June 2022, we provided a record $31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans,” said David Malpass, President of the World Bank Group.
“We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions [greenhouse gas emissions], improve resilience, and enable the private sector,” he added.
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This year, the World Bank Group also invested in other climate projects with the aim of helping countries around the world adapt to the recent incrementally worsening climate crisis.
That includes the partnership between the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The collaboration has to date delivered $26.2 billion in climate finance, almost half of the total of which, $12.9 billion, was dedicated only to adaptation and resilience efforts.
It is in addition to the World Bank’s Country Climate and Development Reports that also assist countries in prioritizing the most proper measures for reducing GHG emissions and increasing adaptability.
