World Bank Commits $200 Billion To Fight Warming; Over 4 Years, Of Course, 1/2 Is Loans, Not Grants
2018 is almost over. Nice sense of urgency, guys.
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This year, the World Bank devoted $20.5bn to climate change, meeting the targets it promised as part of the Paris agreement two years early. However, the group has decided more is needed. Adapting to the effects of climate change that are already inevitable will be a key aim, and for the first time the World Bank will put this effort on an equal footing with reductions in emissions, investing $50bn in direct finance to adaptation over the period.
Of the $200bn, half will come in direct funding from the World Bank and half will be loans and other forms of assistance from other parts of the World Bank group, aimed at mobilising further finance from the private sector.
For instance, some funding will go towards providing early-warning systems and high-quality weather forecasts, which is expected to help 250 million people in 30 developing countries prepare for extreme weather.
Further funding will go towards “smart agriculture”, which is better adapted to the expected changes in weather and will help protect food production in some of the worst-affected developing countries. It will also help to protect 120m hectares of forest.
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https://www.theguardian.com/environment/2018/dec/03/world-bank-invest-climate-change