World Bank unveils Climate Change Action Plan, to mobilise $25 bn in pvt financing

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Updated: April 8, 2016 1:02:45 PM

The World Bank has announced its plan to help developing countries add 30 gigawatts (GW) of renewable energy to the world's energy capacity and to mobilise $25 billion in private financing for clean energy by 2020.

world bankAccording to the World Bank, climate change threatens to drive 100 million more people into poverty in the next 15 years. (Reuters)

The World Bank has announced its plan to help developing countries add 30 gigawatts (GW) of renewable energy to the world’s energy capacity and to mobilise $25 billion in private financing for clean energy by 2020.

The Climate Change Action Plan, released by the Washington-based lender on Thursday, is designed to help countries meet their Paris COP 21 pledges and manage increasing climate impacts, Xinhua news agency reported.

Under the plan, the World Bank will quadruple funding for climate-resilient transport, integrate climate into urban planning through the Global Platform for Sustainable Cities, and boost assistance for sustainable forest and fisheries management.

According to the World Bank, climate change threatens to drive 100 million more people into poverty in the next 15 years.

“Following the Paris climate agreement, we must now take bold action to protect our planet for future generations,” said World Bank Group president Jim Yong Kim.

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