Malpass at COP27 says half of World Bank’s climate financing is for adaptation

Around half of the World Bank‘s $32 billion of climate financing is for adaptation to climate change, president David Malpass said on Wednesday during the COP27 climate summit in Egypt.

“As we go forward, we need to build those efforts but also bring more donors into adaptation,” Malpass stated.

“The reversals in development are staggering. They extend to shrinking economies, extreme poverty, losses in education, stunting, limited access to electricity and clean water, high youth unemployment, and lack of infrastructure. The World Bank is deeply engaged in financing recoveries in all of these, and each reversal is made worse by climate change.”

He added that the World Bank has dramatically grown its financing to address climate disasters such as the flooding in Pakistan. It has also dramatically grown its climate finance.

“Including on major commitments to adaptation, we reached $32 billion in climate finance this past year, a record that was above our Glasgow target. I welcome and solicit your input on ways to increase our resources and commitment capacity.”

“At COP27, there have been recommendations for Multilateral Development Banks to significantly increase our climate finance. At our recent Annual Meetings, there was a broad recognition on the need to increase financing for global public goods, especially climate action. I warmly welcome these calls. Successful climate action to reduce greenhouse gas emissions will take a concerted global push, and we are committed to this effort.”