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The World Bank announced this week that it surpassed it targets for climate finance, with 32.1% of its financing or $20.5 billion having climate co-benefits in fiscal year 2018 vs. its target of 28% in 2020. World Bank CEO, Kristalina Georgieva, highlighted that they are seeing “major transitions to renewable energy, clean and resilient transport systems, climate-smart agriculture and sustainable cities.” The World Bank has mainstreamed climate considerations into all of its development projects.<\/p>\n
Building resilience to climate change impacts is particularly important for the most vulnerable developing countries. Since most climate finance invested to date has been focused on climate change mitigation, I was pleased to see that the World Bank is increasing its investments in climate change adaptation with close to 49% of all its climate finance devoted to adaptation ($7.7 billion in FY18 vs. $3.9 billion in FY17 in adaptation investments in developing countries).<\/p>\n
More information about the Word Bank’s announcement can be found here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The World Bank announced this week that it surpassed it targets for climate finance, with 32.1% of its financing or $20.5 billion having climate co-benefits in fiscal year 2018 vs. its target of 28% in 2020. World Bank CEO, Kristalina Georgieva, highlighted that they are seeing “major transitions to renewable energy, clean and resilient transport … <\/p>\n