World Bank Group Sets Record with USD 42.6 Bn in FY24 Climate Finance
The World Bank Group provided USD 42.6 billion in climate finance for FY24, a 10 percent increase from last year. At COP28, it committed to raising climate financing to 45 percent of total lending for FY25, focussing equally on adaptation.
September 20, 2024. By EI News Network
At the COP28 climate summit, the World Bank Group further committed to increasing its climate finance allocation to 45 percent of its total lending for FY25, covering July 1, 2024, through June 30, 2025. A key element of this goal is to split public sector climate financing between adaptation and mitigation, with equal focus on both areas. This approach is aimed at helping countries tackle pressing climate challenges, emphasizing the importance of building resilience alongside reducing emissions.
In fiscal year 2024, the World Bank's institutions collectively contributed to the organization’s climate goals. The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) delivered USD 31 billion in climate finance, including USD 10.3 billion dedicated to adaptation and resilience efforts. Meanwhile, the International Finance Corporation (IFC), the private sector arm of the World Bank, provided USD 9.1 billion in long-term climate finance. The Multilateral Investment Guarantee Agency (MIGA), the World Bank Group’s political risk insurance and credit enhancement branch, contributed an additional USD 2.5 billion.
Overall, the World Bank Group's climate financing accounted for 44 percent of its total financing, which reached USD 97 billion in FY24. This achievement highlights the institution's growing focus on addressing climate change as a central component of its broader development mission.
The impact of these investments is already visible in various countries. In Bangladesh, for instance, the World Bank has funded the construction of over 900 new cyclone shelters and the rehabilitation of 900 more. The bank has also supported coastal embankments, early warning systems, and erosion control measures, protecting hundreds of thousands of people from the impacts of storm flooding.
In Vietnam's Mekong Delta, the World Bank has worked to reduce methane emissions while helping farmers adopt sustainable practices to produce higher-quality rice. The region is home to 1.4 million rice-farming households, and the initiative supports both environmental goals and economic growth.
Meanwhile, in Dakar, Senegal, and Cairo, Egypt, the World Bank has funded fully electric Bus Rapid Transit (BRT) systems to reduce reliance on fossil fuels and cut greenhouse gas emissions. Dakar’s BRT, the first of its kind in West Africa, is projected to prevent 1.2 million tons of carbon dioxide emissions over its lifetime. In Cairo, the introduction of 100 electric buses marks the beginning of a larger fleet aimed at reducing vehicle-related pollution across the city.
These projects demonstrate the World Bank Group's commitment to addressing the dual challenges of climate change and poverty, while supporting sustainable development in communities around the world.
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