peter
Business Reporter
THE World Bank Group has increased its climate change mitigation lending to US$21.4 billion in fiscal year 2020 at a time when countries are struggling with Covid-19, whose impact is being worsened by negative climate factors.
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-19, said the Bank.
“For the third year in a row, World Bank Group lending for climate-related investments exceeded the target of 28 percent, reaching 29 percent or $21.4 billion in fiscal year 2020.
“Total World Bank Group climate finance amounted to more than US$83 billion over the five years that the Climate Change Action Plan (2016-2020) was in effects,” said the multilateral institution in its latest weekly update.
The Bank said it was committed to continue supporting developing countries as they respond to the challenges of a changing climate. 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. It further, 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-olf-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-19 economic recovery packages.
Online Reporter