World Bank promises USD 200 billion in 2021-25 climate cash

World Bank on Monday unveiled USD 200 billion in climate action investment for 2021-25, ding this amounts to a doubling of its current five-year funding.

World Bank said move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to wider global community to do same".

Developed countries are committed to lifting combined annual public and private spending to USD 100 billion in developing countries by 2020 to fight impact of climate change -- up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.

Sourn hemisphere countries fighting impact of warming temperatures are neless pushing rrn counterparts for firmer commitments.

In a statement, World Bank said breakdown of USD 200 billion would comprise "approximately USD 100 billion in direct finance from World Bank".

Around one third of remaining funding will come from two World Bank Group ncies with rest private capital "mobilised by World Bank Group".

"If we don't reduce emissions and build aptation w, 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 kw that less we dress this issue proactively just in three regions -- Africa, South Asia and Latin America -- we'll have 133 million climate migrants," Roome told AFP.

bank's financing pack amounts to "about 40 billion a year, but direct (finance) is 27 billion per year on aver", Roome said.

He ded that in 2018 fiscal year, running from July 2017 to June this year, World Bank h committed USD 20.5 billion to climate action, compared with an annual aver of USD 13.5 billion for 2014-2018 period.

Roome said money w being earmarked amounted to "about 35 per cent" of World Bank Group's total financing.

Much of climate action financing is being set aside for reducing greenhouse gas emissions, tably through development of renewable energy strategies.

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However, World Bank stated that "a key priority is boosting support for climate aptation," given millions of people alrey battling consequences of extreme wear.

"By ramping up direct aptation finance to reach around USD 50 billion over (fiscal) 21-25, World Bank will, for first time, give this equal emphasis alongside investments that reduce emissions," bank stated.

Given urgency to act in face of sea level rise, flooding and drought "we must fight causes, but also apt to consequences that are often most dramatic for world's poorest people", said World Bank CEO Kristalina Georgieva.

By stepping up financial aid to developing countries worst affected, Georgieva said bank was committed to apting infrastructure while investing in "climate smart agriculture, sustainable water manment and responsive social safety nets" as well as early response networks.

"Even if we can keep global warming down to 2 degrees Celsius we kw you're gonna need a significant amount of aptation in places like Ch, Mozambique or Banglesh," said Roome.

countries whose representatives are meeting at UN climate summit which opened Sunday in Polish city of Katowice are seeking to make good on commitments me in 2015 Paris climate accord.

That agreement saw countries commit to limiting global temperature rises to well below two degrees Celsius (3.6 degrees Fahrenheit), and to safer cap of 1.5C if at all possible. 

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