WB achieves record $42.6b in climate finance for FY ’24

The World Bank (WB) has announced a record $42.6 billion in climate finance for fiscal year 2023/24, marking a 10 per cent increase from the previous year.

This funding, which spans from July 1, 2023, to June 30, 2024, underscores the institution’s commitment to combating climate change and fostering sustainable development.

The World Bank Group pledged at COP28 to elevate its climate finance to 45 per cent of total lending for FY25, with an equal focus on adaptation and mitigation.

This initiative aims to address the pressing climate challenges faced by the countries it serves.

The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) contributed $31 billion in FY24, with $10.3 billion directed towards adaptation and resilience projects.

The International Finance Corporation (IFC) provided $9.1 billion in long-term climate finance, while the Multilateral Investment Guarantee Agency (MIGA) delivered $2.5 billion.

Notable projects include the construction and rehabilitation of over 900 cyclone shelters in Bangladesh, sustainable rice farming practices in Vietnam’s Mekong Delta, and the implementation of electric bus rapid transit systems in Dakar, Senegal, and Cairo, Egypt.

These initiatives highlight the World Bank Group’s comprehensive approach to reducing emissions and enhancing climate resilience.

Attribution: The World Bank

Subediting: M. S. Salama