The World Bank said Thursday it had dedicated $42.6 billion to finance climate change adaptation during its 2024 fiscal year, a record 10% more than the previous year and close to its targets.
The Washington-based institution has been working to strengthen its climate action since Ajay Banga took over last year, setting out to reform this nearly 80-year-old international establishment.
44% of funds are already dedicated to climate
In December, the Bank pledged to increase the share of its total financing devoted to climate change adaptation from 35% to 45% starting in its 2025 fiscal year, which began in July.
But it has already come close to meeting this target for fiscal year 2024, noting that 44% of the $97 billion pledged during the year was already linked to climate. This sum includes loans as well as other financial instruments such as grants and guarantees, a World Bank official said.
This funding helped “support efforts to end poverty on a habitable planet, invest in cleaner energy, more resilient local populations and stronger economies.” “But there is still much to be done,” he added.
Source: BFM TV
