The World Bank revealed on Thursday that it provided a record $42.6 billion in climate change financing during the 2024 fiscal year, marking a 10 per cent increase from the previous year.
Under the leadership of new president Ajay Banga, who assumed his role last year with a promise to reform the 80-year-old institution based in Washington, the development lender has intensified its commitment to climate financing.
In December, the Bank pledged to elevate the proportion of its total financing dedicated to climate change adaptation from 35 per cent to 45 per cent starting from the fiscal 2025 year, which commenced in July. However, it nearly met this target in the current fiscal year, disclosing on Wednesday that approximately 44 per cent of the World Bank Group's total financing of $97 billion included a climate financing component.
This figure encompassed lending, as well as other financial instruments such as grants and guarantees, according to a World Bank official who spoke to AFP via email.
The Bank stated that this financing was instrumental in "supporting efforts to end poverty on a livable planet, investing in cleaner energy, more resilient communities, and stronger economies," noting that each of its institutions contributed to this objective.
"But there is more to do," the Bank added.
