The World Bank committed $17.8 billion to climate-related investment last fiscal year, its President, Mr David Malpass, reported.
Malpass, said in a blog post on the bank’s website, that the fund was part of the organisation’s efforts aimed at tackling environmental challenges.
He stated that environmental challenges such as pollution, degradation of forests and biodiversity, marine plastics, and extreme weather events “are putting sustainable economic growth and inclusive development at risk,” adding that the World Bank would continue to partner with countries to find local solutions and deliver good outcomes.
According to him, “in our last fiscal year, the World Bank Group committed $17.8 billion to climate-related investments. We also have a major portfolio in other environment-related projects.
“In December, we announced new climate targets for fiscal year 2021-2025, committing to double to $200 billion the amount we invest and mobilize. We’re already the biggest single funder of climate and environment investments, and we’re ramping up.
“In fiscal year 2019, 30 per cent of commitments by the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)included climate co-benefits, surpassing our target.”
He noted that the scale of the bank’s commitments reflected its belief that investing in climate and the environment is a key step in reducing extreme poverty and boosting shared prosperity.
“Our climate and environment projects unlock new growth and investment opportunities, create jobs and make economies more resilient. It’s important to change mindsets and lead the way,” Malpass stated.
He pointed out that the bank helped Ethiopia transform degraded environments into green and productive land, putting 900,000 hectares of land under conservation and giving 2.5 million people food security, better water access and higher crop yields.