World Bank reveals $200 bn in climate action investment
Source :NewsBharati Date :03-Dec-2018
Katowice, December 3: The World Bank has unveiled $200 billion in the climate action investment for 2021 to 2025 which amounts to doubling to the current amounts of funding. This announcement coincided with the United Nations Climate summit meeting of 200 nations in Poland.
The World Bank said, this move sends an important signal to the wider global community replicate the same. However, the developed countries are committed to lifting the combined annual public and private spending to $100 billion dollars in developing countries by 2020 to fight the impact of climate change. The World Bank however, tweeted giving the climate story details in relation to COP24.
“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” World Bank Group President, Jim Yong Kim added.
A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. By ramping up direct adaptation finance to reach around $50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions.
In a statement further, the World Bank said the breakdown of the $200 billion would constitute "approximately $100 billion in direct finance from the World Bank."
"If we don't reduce emissions and build adaptation now, we'll have 100 million more people living in poverty by 2030," John Roome, World Bank senior director for climate change, warned.
"And we also know that the less we address this issue proactively just in three regions -- Africa, South Asia and Latin America -- we'll have 133 million climate migrants," Roome added.
The UN conference on climate change that began in Katowice in Poland will continue till 14 of this month. COP24 is very significant as it is expected to finalise guidelines for implementation the Paris agreement work programme of 2015.
Environment minister Harshvardhan was leading a delegation outlined India’s expectations from the conference. He said that India expects the conference to frame the guidelines which are pragmatic and gives due consideration to challenges of developing countries.