The World Bank is promising to commit or leverage up to $29 billion to help developing countries deal with the impacts of climate change.
“World Bank President Jim Yong Kim said the group will increase direct climate financing by up to one third by 2020, to $16 billion from a current average of $10.6 billion a year,” Clean Capital reports. “The group will also continue to seek out co-financing for climate projects, which could provide up to an additional $13 billion a year by 2020.”
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Funds will be available for projects related to renewable energy, energy efficiency, restoration of forests and landscapes, and water security.
“The commitment will help rich countries make good on a six-year-old promise to provide $100 billion a year in climate financing to developing nations by 2020,” Forrest writes. “Estimates of how much financing is currently available range from less than $20 billion to $62 billion a year.”
