Monday, 10 December, 2018

World Bank promises $200 bn in 2021-25 climate cash

Глобальное потепление Всемирный банк инвестирует сотни миллиардов на борьбу с климатическими изменениями World Bank to raise $200 billion to fight climate change
Elijah Vega | 05 December, 2018, 19:43

The World Bank has just announced that they will now be offering a whopping $200 billion in financing for the fight against climate change between 2021 and 2025.

As part of its support to countries to meet their Paris Climate Agreement targets, the World Bank said in December a year ago that it would stop financing upstream oil and gas projects after 2019.

Kristalina Georgieva, the World Bank CEO, was reported stating that of the Dollars 200 billion investment, some funding will go towards providing high-quality weather forecasts, sustainable water management, smart agriculture and responsive social safety nets as a way of its financial aid for the affected countries.

It will also be allocated for cities by helping 100 cities achieve low-carbon and resilient urban planning and transit-oriented development.

"We must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people", World Bank chief executive Kristalina Georgieva said, as leaders flagged rising needs at United Nations climate talks in Poland. "We must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people", World Bank Chief Executive Officer, Kristalina Georgieva, said in a statement.

The world temperature is constantly rising due to climate change.

France mulls wealth-tax review as ‘yellow vest’ protests intensify
French officials said they are created to move the country away from fossil fuels and part of an effort to fight climate change. They want to change the way things have been for the last 30 years. "We're going to look for solutions together".

In a statement, the World Bank said, the move represents a significantly ramped up ambition to tackle climate change and sends an important signal to the wider global community to do the same.

The World Bank will also help countries integrate several climate considerations such as policy planning, investment design, implementation and evaluation.

It also revealed that the World Bank will develop a new rating system to track and incentivise global progress. "These new targets demonstrate how seriously we are taking this issue", World Bank Group President, Jim Yong Kim said.

"Climate change is already having a disastrous impact on people right around the world and we are nearing the point of no return", said Ban. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment". One-third of the remaining funding will be taken by two World Bank Group agencies while the remaining will be managed by the private capital "mobilized by the World Bank Group".

However, the measures so far to reduce harmful greenhouse gases are far from sufficient to meet the goal.

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

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