(CNSNews.com) – The World Bank, whose goals are to end extreme poverty and promote shared prosperity worldwide by 2030, announced last week that it will turn its attention to climate change.
“The World Bank Group’s Climate Change Action Plan, adopted today, is designed to help countries meet their Paris COP21 pledges and manage increasing climate impacts,” the World Bank said in a press release on Thursday, referring to the UN climate change summit in Paris.
The Climate Change Action Plan “lays out concrete actions to help countries deliver on their NDCs,” or Nationally Determined Contributions, “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.”
“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 World Bank stated.
“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,” it stated.
Furthermore, by 2020, the World Bank plans to “bring early warning systems for natural disasters to 100 million people.” It will also “step up advocacy and work with countries and companies to put a price on carbon pollution” and “help countries build climate change into their policies and planning.”
“The International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused exclusively on the private sector in developing countries, aims to increase its climate investments from the current $2.2 billion a year to a goal of $3.5 billion a year, and will lead on leveraging an additional $13 billion a year in private sector financing by 2020,” the World Bank announced.
“Climate change poses an enormous challenge to development,” the World Bank said. “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,” the World Bank stated.