The world’s biggest provider of public finance to developing countries, the World Bank has now embarked on helping the countries meet their Paris COP21 pledges.
The World Bank has taken a major step to alleviate global poverty and refocus its financing efforts towards tackling climate change. It has pledged to refocus its financing efforts towards tackling climate change and has allocated 28% of its budget in 2016 for projects that mitigate climate change.
Accordingly, all the spending the world’s biggest provider of public finance to developing countries will undertake will take global warming into account. All its future projects will now be tested for climate change resiliency.
According to the World Bank senior director for climate change, John Roome, this is kind of a fundamental shift taken by the World Bank as climate related disasters could lead to another 100 million people into poverty in a span of next 15 years.
In the Paris Conference of Parties (COP 21) it was decided that the developed and wealthy nations would provide funds to the developing countries with USD 100 billion per year by 2020.
The need of the hour is to “take bold action to protect our planet for future generations,” said Jim Yong Kim, the World Bank Group president.
Laura Tuck, Vice President for Sustainable Development at the World Bank Group believes that “Climate change is the defining issue of our time and cannot be tackled through isolated actions, one sector at a time.”
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Article published in theguardian.com