World Bank ups funds to tackle ‘existential threat’ of climate change
The latest data on climate funding for developing countries shows barely a quarter has been going to adaptation, with the bulk backing adoption of clean energy and more efficient energy use
Katowice — The World Bank will give equal weight to curbing emissions and helping poor countries deal with the "disastrous effects" of a warming world as it steps up investments to tackle climate change in the first half of the 2020s, it said on Monday. The bank and its two sister organisations plan to double their investments in climate action to about $200bn from 2021-2025, with a boost in support for efforts to adapt to higher temperatures, wilder weather and rising seas. The latest figures on climate funding for developing countries show barely a quarter has been going to adaptation, with the bulk backing adoption of clean energy and more efficient energy use, aimed at cutting planet-warming emissions. “We must fight the causes, but also adapt to the consequences that are often most dramatic for the world’s poorest people," said World Bank CEO Kristalina Georgieva, as leaders flagged rising needs at U.N. climate talks in Poland. Of the $100bn the World Bank plans to make availab...
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