World Bank Group Exceeds 2020 Climate Finance Target for 3rd Consecutive Year – $21.4 Billion in Funding for Climate Action

For the third year in a row, Bank Group lending for climate-related investments exceeded the target of 28%, reaching 29% or $21.4 billion in Fiscal Year 2020. 

Photos: 1 – Anam Abbas/Lighting Pakistan; 2 – Dominic Chavez/World Bank; 3 – Bart Verweij/World Bank

During the 2020 fiscal year, the Bank Group identified opportunities for low-carbon, climate-resilient development, and provided supporting advisory services, technical expertise and financial resources.

The Group expanded its efforts beyond sectors more traditionally identified with climate action – such as climate-smart agriculture and renewable energy – to new frontiers.

This includes first-of-its kind innovation in the circular economy, targeted digital development interventions to improve climate resilience, macro-fiscal interventions strengthening regional trade and development with climate-relevant investments, and embedding climate considerations within COVID economic recovery packages.

Already, 2020 looks set to be the hottest year on record, potentially bringing more droughts, floods, and intense storms. All countries – particularly the poorest and most vulnerable – could face the compound impacts of climate change and COVID. Recently, India and Bangladesh were hit by the Category 5 Hurricane Amphan, forcing authorities to handle the competing goals of evacuation and social distancing to keep communities safe.

Categories: Development, Human interest

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