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World Bank

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World Bank Announces Boost in Climate Financing to Include 45% of Budget at COP28

The World Bank has announced a significant increase in its climate-related financing, committing to devoting 45% of its annual budget to climate-related causes from 2024 to 2025. This represents an increase from the previous target of 35% and reflects the bank's recognition of the urgency of addressing the climate crisis.
President Ajay Banga emphasized the importance of this increased commitment, stating that the bank is "putting our ambition in overdrive" to combat climate change. He also announced that the bank will extend debt repayment pauses for countries facing climate disasters, providing them with more resources to recover and rebuild.
The World Bank's increased climate financing will be directed towards both adaptation and mitigation efforts, with a focus on assisting the most vulnerable countries. The bank will also expand its Climate Resilient Debt Clauses to cover existing loans for these countries, providing them with greater flexibility in the event of climate-related disasters.
Under Banga's leadership, the World Bank is committed to playing a leading role in addressing global hunger and the climate crisis. The bank's increased climate financing and expanded debt relief efforts are important steps in this direction.

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  • Hazel Mark

    17 w

    I'm Hazel Mark, and I've been writing content for three years. I'm good at creating interesting stories and delivering powerful messages.

    • winnie nguru

      19 w

      This is huge.. funding makes goals become attainable

      • We Don't Have Time

        19 w

        Dear George Kariuki Your climate love has received over 50 agrees! We have reached out to World Bank by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

        • CHRIS NGATIA

          19 w

          This is great

          • Elizabeth Gathigia

            19 w

            Good news

            • johnte ndeto

              19 w

              This funds are important in safeguarding and promoting climate matters

              • Princess

                19 w

                This is a big deal.

                • Rotich Kim

                  19 w

                  This is a win for our environment as it advance effective mesures and resources to facilitate the changes

                  • Jane Wangui

                    19 w

                    @rotich_kim with funds like this projects are bound to prosper.Managing them should be paramount.

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