WASHINGTON: The World Bank on Friday announced a new Climate Change Action Plan aimed at helping developing countries achieve measurable reductions in greenhouse gas emissions and pledging to mobilise large-scale resources to aid the transition out of coal.
He said the bank had provided US$83 billion in climate finance over the past five years, peaking at US$21.4 billion in 2020, but the new plan would see those levels increase. “Our collective responses to climate change, poverty and inequality are defining choices of our age,” Malpass said in a statement, underscoring the need to “help countries maximise the impact of climate finance, with measurable improvements in livelihoods through adaptation, and measurable reductions in greenhouse gas emissions through mitigation”.
The bank would also adopt new metrics that facilitated a greater focus on reducing greenhouse gas emissions, adaptation and resilience, and expand its climate diagnostics through new Country Climate and Development Reports.