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World Bank sets $20 Billion Record on Combatting Climate Change
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World Bank sets $20 Billion Record on Combatting Climate Change

The World Bank has released figures this week which shows that it invested $20.5 billion during the 2018 fiscal year on projects which address the impacts of climate change. This represents 32.1 percent of all funding and exceeds its target of spending at least 28 percent of its finances on tackling the problem by 2020.

The resulting increase in financing for climate action has driven strong results, including by:

  • Generating or integrating 18 gigawatts of additional renewable energy into electricity grids; and mobilizing over $10 billion in commercial finance for clean energy;
  • Developing 22 investment plans for climate-smart agriculture in 20 countries;
  • Investing $784 million in improving climate-resilient transport systems; and
  • Providing 38 million people in 18 countries with access to reliable climate information and early warning systems to deal with more frequent and intense natural disasters such as floods and hurricanes.

Read the full press release here.

Author: DelAgua/ The World Bank

Publish Date: 06.08.2018

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