World Bank delivers $31.7bn on climate finance

The World Bank Group has delivered a record $31.7 billion in the fiscal year 2022 (FY22) to help countries address climate change.

This is a 19 per cent increase from the $26.6 billion all-time high in financing reached in the previous fiscal year, indicating that the Bank Group continues to be the largest multilateral financier of climate action in developing countries.

President of the World Bank Group, David Malpass said “In our last fiscal year ending June 2022, we provided a record $31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans.

“We 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.”

Financing for climate action in FY22, which covers July 1, 2021, to June 30, 2022, reached 36 per cent of total Bank Group financing, and this exceeds the target set in the Group’s Climate Change Action Plan for 2021-2025 to deploy an average of 35 per cent of the institution’s financing in support of climate action.

IBRD and IDA together delivered $26.2 billion in FY22 in climate finance. Nearly half of that, $12.9 billion, specifically supported investments in adaptation and resilience.

According to the Bank, the International Finance Corporation (IFC), the private sector arm of the World Bank Group, delivered an unprecedented $4.4 billion in climate finance and mobilised an additional $3.3 billion from other sources, while MIGA, the World Bank Group’s political risk insurance and credit enhancement arm, delivered $1.1 billion in climate finance.

As part of its ongoing effort to help countries integrate climate and development objectives, the Bank Group recently launched a number of 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.

The Bank explained that a summary of the preliminary findings of these reports will be published in the coming months to foster action-oriented discussion in the global community.

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