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World Bank Announces $200 billion over Five Years for Climate Action

Posted by Natalia Krasnodebska Dec 3, 2018 Posted in Landscape Networks

Today at the COP in Katowice, the World Bank has announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. This is fantastic news, and we're particularly excited about the sector of Food and Land-Use: Increase integrated landscape management in up to 50 countries, covering up to120 million hectares of forests.

The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan also represents significantly ramped up ambition from the World Bank Group, sending an important signal to the wider global community to do the same.

 

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” World Bank Group President, Jim Yong Kim said. “We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future.”

The $200 billion across the Group is made up of approximately $100 billion in direct finance from the World Bank (IBRD/IDA), and approximately $100 billion of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilized by the World Bank Group.

A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. By ramping up direct adaptation finance to reach around $50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions.

Read the full announcement here

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Comments (1)

Maria Nuutinen says... Dec 3, 2018

I was happy to see this part as well: "In key sectors, efforts will include:

(...) In Food and Land-Use: Increase integrated landscape management in up to 50 countries, covering up to120 million hectares of forests."

Thanks for posting! 

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