The World Bank Group conveyed a record $31.7 billion in the financial year 2022 (FY22) to assist countries with tending to climate change. This is a 19% increase from the $26.6 billion all-time high in funding reached at in the past financial year. The Bank Group continues to be the largest multilateral financier of climate action in developing countries.
In their last fiscal year ending June 2022, they gave a record $31.7 billion to several countries to distinguish and empower high-need climate related projects as a feature of their development plans.
According to the Bank, they will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions, improve resilience, and enable the private sector.
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Funding for climate action in FY22 — which covers July 1, 2021, to June 30, 2022 — came to 36% of absolute Bank Group financing. This surpasses the objective set in the Group’s Climate Change Action Plan for 2021-2025 to convey an average of 35% of the institution’s funding on the side of climate action.
IBRD and IDA together delivered $26.2 billion in FY22 in climate finance. Almost 50% of that — $12.9 billion — explicitly upheld investments in variation and resilience.
IFC, the private sector arm of the World Bank Group, delivered an unprecedented $4.4 billion in climate finance and mobilized an additional $3.3 billion from other sources. MIGA, the World Bank Group’s political risk insurance and credit enhancement arm, delivered $1.1 billion in climate finance.
As a feature of its ongoing work to assist nations with coordinating environment and development goals, the Bank Group recently launched various Country Climate and Development Reports (CCDRs).
CCDRs are a new core diagnostic to help countries prioritize the most impactful actions that can reduce GHG emissions and boost adaptation. As per the Bank, a summary of the preliminary findings of these reports will be published in coming months to foster action-oriented discussion in the global community.
