The World Bank on Monday (Dec 3) unveiled US$200 billion (S$274 billion) in climate action investment for 2021-2025, adding that this amounts to a doubling of its current five-year funding.
The World Bank said the move, coinciding with a United Nations climate summit meeting of some 200 nations in Poland, represented a “significantly ramped up ambition” to tackle climate change, “sending an important signal to the wider global community to do the same”.
Developed countries are committed to lifting combined annual public and private spending to US$100 billion in developing countries by 2020 to fight the impact of climate change – up from US$48.5 billion in 2016 and US$56.7 billion last year, according to latest OECD data.
Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments.
In a statement, the World Bank said the breakdown of the US$200 billion would comprise “approximately US$100 billion in direct finance from the World Bank”.
Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital “mobilised by the World Bank Group”.
“If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030,” Mr John Roome, World Bank senior director for climate change, warned.
“And we also know that the less we address this issue proactively just in three regions – Africa, South Asia and Latin America – we’ll have 133 million climate migrants,” Mr Roome told.