The World Bank has announced $200 billion in funding will be made available to poor and developing countries to fight against the effects of climate change between 2021-2025.
The increase in funding represents a doubling of the plan that was initially put in place after the Paris agreement in 2015.
As governments have begun meeting in Poland this week to discuss implementation plans for the Paris accord, none of the 157 members of the World Bank Group have objected to plans to double investments in climate action.
World Bank President Jim Yong Kim stated he no longer debates whether climate change exists. President Kim believes the poorest and most vulnerable people were at the greatest risk, and urged other financial institutions to follow its lead.
“We are pushing ourselves to do more and go faster on climate and we call on the global community to do the same,” he said. “This is about putting countries and communities in charge of building a safer, more climate-resilient future.”
Of the $100 billion the World Bank plans to make available in the coming years, half of the funding would go to adaptation measures. Those include building more robust homes, schools and infrastructure, preparing farmers for climate shifts, managing water wisely and protecting people’s incomes through social safety nets.
Furthermore, the World Bank said money would also improve weather forecasts, and provide early warning and climate information services for nearly 250 million people in 30 developing countries.
Former UN Secretary-General Ban Ki-moon said the bank’s pledge to use half its climate finance to find solutions to deal with changing weather patterns was “important”.
“Climate change is already having a disastrous impact on people right around the world and we are nearing the point of no return,” said Ban. “So we must take bold action to adapt to the reality of the threat facing us all.”