World Bank unveils US $200 billion in climate action investment for 2021-25
The World Bank unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The move coincides with Conference of Parties-24 (COP24) United Nations Climate Summit in Katowice, Poland. The breakdown of US $200 billion will comprise approximately 100 billion in direct finance from the World Bank. Around one-third of remaining funding will come from two World Bank Group agencies and rest will be private capital mobilized by the World Bank Group.
About World Bank
- It is the international financial institution that provides loans to countries of the world for capital projects. Its official goal is the reduction of poverty by providing loans to developing countries for capital programmes.
- It is one of five institutions created at Breton Woods Conference in 1944. Its headquarters is situated at Washington DC, US. World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- It is component of World Bank Group, which also includes three more subsidiary organizations viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). World Bank is part of the United Nations system, but its governance structure is different.