The World Bank (WB) announced today announced an investment of 200,000 million dollars (176,561 million euros) to combat climate change between 2021 and 2025, a figure that doubles the amount of the previous period. The agency, based in Washington, explained that this program, whose announcement coincided with the start of the Polish Climate Summit, aims to "recognize the impact of climate change on the lives of people", especially in the poorest countries of the world and in development.
"Climate change is an existential threat to the poorest and most vulnerable people in the world, and these new objectives show how seriously we are taking this issue," World Bank Group President Jim Yong Kim said in a statement. In that note, Kim called on the global community to take more action against climate change.
The package announced by the World Bank aims to build social protection systems in the face of climate change in 40 countries and to finance "investments in smart agriculture" in 20 countries. It also aims to help 100 cities to achieve urban planning "sustainable and low carbon emissions" and a development oriented to transit, among other initiatives.
The World Bank will contribute half of the funds of the plan, while the rest will be collected by the International Finance Corporation, the Multilateral Investment Guarantee Agency and private capital. The WB announcement coincides with the start of the Climate Summit (COP24), which started today in Katowice (Poland) in search of formulas to implement the Paris Agreement of 2015, which urges to stop global warming by drastically cutting polluting emissions.
The event, which officially opens tomorrow and will continue until December 14, brings together 30,000 delegates from 197 countries for a marathon of complex negotiations with a growing sense of urgency, shared by national delegations and environmental groups.