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World Bank announced the new climate action plan

  • Posted By
    10Pointer
  • Categories
    Environment
  • Published
    5th Apr, 2021

Context

The World Bank proposes a new Climate Change Action Plan that aimed at helping developing countries to achieve measurable reductions in greenhouse gas emissions.

About the new climate action plan

  • Increasing climate finance: The 35% of World Bank Group financing will have climate co-benefits included over the next five years
    • 50% of World Bank climate financing through IBRD and IDA will support adaptation and resilience.
  • Focus on climate results and impact: The focus will be given on measuring results and achieving impact, by putting a greater focus on greenhouse gas emissions reduction, adaptation, and resilience goals with support by new metrics.
  • Improving and expanding climate diagnostics: A strong analytical base at the global and country-level which includes introducing new Country Climate and Development Reports that will support preparation and implementation of Nationally Determined Contributions (NDCs), Long-Term Strategies (LTSs), and which will support all WBG Country Partnership Frameworks will be adopted.
  • Reducing Emissions and Climate Vulnerabilities: A major support will be provided to transformative investments in key systems that contribute the most to emissions and have the greatest climate vulnerabilities: for example, energy, food systems, transport, and manufacturing.
  • Supporting a Just Transition out of Coal: A significant increase in the support for the transition away from coal in client countries that request assistance.
  • Aligning financing flows with the goals of the Paris Agreement: The Bank Group is committed to aligning financial flows with the objectives of the Paris Agreement.

Significance of the plan

  • It will maximize the impact of climate financing.
  • It will improve the livelihoods through adaptation.
  • Measurable reduction in greenhouse gas emission through mitigation.