JavaScript is off. Please enable to view full site.

World Bank confirms key elements of new climate action plan

Saturday, April 03, 2021, 16:47 GMT+7
World Bank confirms key elements of new climate action plan
World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. Photo: Reuters

WASHINGTON -- The World Bank on Friday announced a new Climate Change Action Plan aimed at helping developing countries achieve measurable reductions in greenhouse gas emissions and pledging to mobilize large-scale resources to aid the transition out of coal.

World Bank President David Malpass said key elements of the plan had been presented to the bank’s board on Thursday and underscored the need to take urgent action.

He said the bank had provided $83 billion in climate finance over the past five years, peaking at $21.4 billion in 2020, but the new plan would see those levels increase.

The new plan, first reported by Reuters Wednesday, commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, as many campaigners had urged.

“Our collective responses to climate change, poverty and inequality are defining choices of our age,” Malpass said in a statement, underscoring the need to “help countries maximize the impact of climate finance, with measurable improvements in livelihoods through adaptation, and measurable reductions in greenhouse gas emissions through mitigation.”

To achieve these goals, Malpass said 35 percent of World Bank Group financing, on average over the next five years, would have climate co-benefits, and 50 percent of the bank’s climate financing would support adaptation and resilience.

The bank would also adopt new metrics that facilitated a greater focus on reducing greenhouse gas emissions, adaptation and resilience, and expand its climate diagnostics through new Country Climate and Development Reports.

Malpass said the bank would support “transformative” investments in energy, food systems, transport and manufacturing, the systems that contribute most to emissions, and significantly increase support for countries seeking to transition away from coal.

The World Bank would align its financing flows with the objectives of the 2015 Paris climate agreement by July 1, 2023, he said, with 85 percent of new International Finance Corp and Multilateral Investment Guarantee Agency operations to be aligned by then, and 100 percent by July 1, 2025.

Reuters

More

Read more

;

Photos

VIDEOS

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Latest news

Vietnamese women protect lush forests

Seven members of the Lam Vien Forest Management Board’s staff and officers are female, including two accounting and administrative staff members and five female staffers directly involved in forest management and protection.