The World Bank says it will ensure that countries that want to access facilities from it from 2023 show commitment in tackling climate change as well as compliance with the Paris Agreement.
This forms part of the World Bank Group’s new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement.
The Action Plan for 2021-25 broadens World Bank Group efforts from investing in “green” projects to helping countries fully integrate their climate and development goals.
The remarks were made during the Official Launch of the Ghana Landscape Restoration and Small-Scale Mining Project which seeks to formalize the artisanal and small-scale mining (ASM) sector and build the capacity of institutions to manage ASM operations.
“As part of its new climate change action plan announced in April 2021, the World Bank has committed to further increase its climate financing. By 2023, all financing by the World Bank will be compliant with the Paris agreement. The climate change action plan illustrates the World Bank’s commitment to supporting programs that are resilient and bring growth at the forefront including such programs in Ghana.”
The World Bank is already the largest multilateral provider of climate finance for developing countries.
The Plan includes a commitment to increase delivery to an average of 35% of total World Bank Group financing for climate over the duration of the Plan.
At least 50% percent of International Development Association (IDA) and International Bank for Reconstruction and Developing (IBRD) climate finance will support adaptation.