World Bank Group sets new course to help countries meet urgent climate challenges

World Bank Group sets new course to help countries meet urgent climate challenges

Climate change poses an enormous challenge to development. By 2050, the world will have to feed 9 billion people, extend housing and services to 2 billion new urban residents, and provide universal access to affordable energy, and do so while bringing down global greenhouse gas emissions to a level that make a sustainable future possible. At the same time, floods, droughts, sea-level rise, threats to water and food security and the frequency of natural disasters will intensify, threatening to push 100 million more people into poverty in the next 15 years alone.

Countries are now moving with increasing urgency to develop more sustainable energy and transport systems, strengthen the resilience of their cities, and prepare people, public services and infrastructure for climate shocks to come. More than 180 countries submitted pledges on climate action – the Nationally Determined Contributions, or NDCs – in the run-up to the historic Paris Agreement at Cop21 in December 2015.

To help countries meet this challenge, the World Bank Group adopted a new Climate Change Action Plan, which lays out concrete actions to help countries deliver on their NDCs and sets ambitious targets for 2020 in high-impact areas, including clean energy, green transport, climate-smart agriculture, and urban resilience, as well as in mobilizing the private sector to expand climate investments in developing countries.

To maximize impact, the Action Plan focuses on transformational actions and policy changes that will make a major contribution to addressing climate change. Under the Plan, the World Bank plans to double its current contributions to global renewable energy capacity, aiming to add 30 gigawatts of capacity and to mobilize $25 billion in private financing for clean energy by 2020. The Bank Group will also quadruple funding for climate-resilient transport, integrate climate into urban planning through the Global Platform for Sustainable Cities, and boost assistance for sustainable forest and fisheries management.

To accelerate private sector investment, the World Bank Group will work with regulators, create ‘green’ banking champions and continue to promote development of the green bond market.

Source: World Bank

Date: April 2016

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climate changeCOP21 @enenergy policy

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