Just in time for the start of the UN Conference over Climate Change, the World Bank is promising financial aid to developing countries in the fight against climate change.
The 24th United Nations Climate Change Conference was opened in Katowice, Poland, with calls for decisive action against global warming. Representatives from just under 200 countries began negotiations on concrete measures to implement the Paris Climate Agreement of 2015. A so-called rule book is to be drawn up by 14 December. Enough of a Reason for the World Bank to start the new week with an announcement.
Specifically, the World Bank has pledged $200 billion in aid to developing countries in the fight against climate change. The aid is valid for the period from 2021 to 2025 and represents a doubling of aid under the current five-year plan.
It is an “important signal to the wider international community to do the same”.
About $100 billion will be directly funded by the World Bank, and about one-third of the remaining $100 billion from two World Bank Group organizations. The remaining funds are private capital mobilized by the World Bank Group.
By 2020, industrialized countries’ aid to developing countries to tackle climate change impacts is set to rise to $100 billion a year. However, the industrialized countries are pushing for strong private-sector participation and are shying away from long-term commitments. The previous national climate protection commitments to implement the Paris Agreement are nowhere near enough.