WASHINGTON (December 2, 2018) — The World Bank Group just announced they will direct $200 billion towards financing projects that address climate change between 2021 and 2025. This commitment, which combines both direct financing from the bank and mobilized private finance, doubles the World Bank Group’s climate finance and includes money for both adaptation and mitigation projects around the world.

The following is a statement from Andrew Steer, President and CEO, World Resources Institute:

“The World Bank’s ambitious climate plan is very welcome, coming as negotiators gather in Katowice for COP24. With climate impacts already taking a heavy toll around the globe, we know a far greater response is needed. The Bank’s bold commitment to double its climate finance in the next five years, including $50 billion toward adaptation, should accelerate action, strengthen national capacities, and enhance resilience for the most vulnerable.

“There’s no doubt that investing in climate action is the smart choice—it can reduce poverty, inspire innovation, and bring far-reaching benefits to society. The Bank is sending a strong signal that should unlock additional funds from governments, other development agencies, and the private sector.

“An important complement to the financial commitments will be rigorous monitoring, evaluation and learning, along with greater clarity on adaptation accounting. The Bank can also lead by example by mainstreaming climate mitigation and resilience across all of its programs and projects. These actions can inspire confidence in their financial commitments and generate momentum to tackle climate change.”