By John Ikani
The World Bank shared on Thursday that it provided a record-breaking $42.6 billion to combat climate change in the 2024 financial year, a 10 percent increase from the previous year.
The development lender has aimed to increase its climate financing commitment under the leadership of its new president, Ajay Banga, who assumed his role last year with a promise to revamp the 80-year-old Washington-based institution.
In December, the Bank pledged to raise the portion of its overall funding allocated to climate change adaptation from 35 percent to 45 percent, starting in the fiscal 2025 year that began in July.
However, it nearly reached that goal this fiscal year, stating in a Wednesday announcement that approximately 44 percent of the World Bank Group’s total financing of $97 billion included a climate financing component.
This number encompassed lending, along with other financial tools such as grants and guarantees, a World Bank representative explained to AFP via email.
That funding helped “support efforts to eliminate poverty on a habitable planet, investing in cleaner energy, more resilient communities, and stronger economies,” the Bank said, noting that each of its institutions contributed to this objective.
“However, there is more to accomplish,” it added.
