The World Bank has announced $200 billion over five years for Climate Action. Starting from 2021-2025, the amount will support poor countries for their adaptation and resilience of climate change.
This is against the background that mounting climate change impacts on lives and livelihood, especially the world’s poorest.
The President of the World Bank, Jim Yong Kim who announced this said the new targets demonstrate how the bank takes the issue of climate change seriously.
He said the bank is pushing itself to do more and to go faster on climate.
Jim Yong Kim called on the global community to do same by putting countries and communities in charge of building a safer, and more climate resilient future.
The World Bank Chief Executive Officer, Kristalina Georgieva, noted that the bank is fighting the climate cause because people are losing their lives and livelihoods because of the disastrous effects of climate change.
The new financing will ensure that adaptation is undertaken in a systematic fashion and the bank will develop a new rating system to track and incentivise global progress.
Action will include supporting higher-quality forecasts, early warning system and climate information services to better prepare 250 million people in 30 developing countries for climate risk.
In addition, the expected investment will build more climate-responsive social protection systems 40 countries, and finance climate smart agriculture investment in 20 countries.
Story by: Joyce Gyekye
