The World Bank plans to allocate $150 billion to support climate projects over the next decade. This was announced by World Bank Vice President for Sustainable Development Jürgen Vogel at the UN Climate Change Conference COP29 in Baku, Trend reports.
Vogel stressed that developing countries need up to $2.4 trillion annually to reduce emissions and prepare for climate risks. He stressed that this is a significant financial support for countries that are already facing significant economic and climate challenges.
Last year, the World Bank lent $43 billion to developing countries, one of the largest climate contributions of any fund. In addition, the World Bank has introduced innovative instruments, such as “climate-resilient debt terms”, which allow countries to postpone or reduce debt payments in the event of natural disasters. To date, such agreements have been concluded with 14 countries, with a particular focus on small island states that are particularly vulnerable to climate change.
The World Bank’s investment efforts are aimed not only at reducing greenhouse gas emissions, but also at making economies more resilient to future climate risks.
