GLOBAL – World Bank has revealed plans to invest US$200 billion in climate and environment related investments as from 2021 to 2025.
This information was revealed by President of the World Bank Group, Mr. David Malpass in a blog post on the bank’s website.
Mr. Malpass also noted that the World Bank said that investment demonstrated the bank’s commitment towards sustainability projects noting that the financial institution was already the biggest single funder of climate and environment investments in the globe.
He stated that environmental challenges such as pollution, degradation of forests and biodiversity, marine plastics, and extreme weather events “are putting sustainable economic growth and inclusive development at risk.”
Malpass added that the World Bank would continue to partner with countries to find local solutions and deliver good outcomes.
He went further to say “Our climate and environment projects unlock new growth and investment opportunities, create jobs and make economies more resilient. It’s important to change mindsets and lead the way.”
He also pointed out that the bank helped Ethiopia transform degraded environments into green and productive land, putting 900,000 hectares of land under conservation and giving 2.5 million people food security, better water access and higher crop yields.
The multilateral bank, according to the its president, had committed $17.8 billion to climate-related investments in the last financial year.
He further added that “In fiscal year 2019, 30 per cent of commitments by the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)were dedicated to climate co-benefits, surpassing our target.”
Malpass also revealed that the bank had major portfolio in other environment-related projects.
In his conclusion remarks, the Malpass noted that the scale of the bank’s commitments reflected its belief that investing in climate and the environment is a key step in reducing extreme poverty and boosting shared prosperity.