The World Bank is implementing an ambitious plan this year to allocate 45% of its annual funding to combat climate change, Jennifer Sara, global director for the World Bank Group's Climate Change Global Practice, said at the Climate and Development Ministerial (C&DM) on the second day of Pre-COP29 in Baku, Report informs.
"Regarding calls for reforming the international financial architecture, the World Bank is contributing to this cause. We have a more stringent balance, we provide more and better financing, and in 2023 we allocated a record $42.6 billion for climate program financing," she noted.
According to Sara, at the 28th COP session in Dubai last year, the World Bank announced a new ambitious plan to allocate 45% of its annual funding to combat climate change, and is implementing it this fiscal year.
"We will distribute this funding equally - for climate change mitigation and adaptation," she noted.
She added that the financial potential of the International Development Association (IDA) remains at $30 billion this year and next.
"Every dollar that comes into IDA is multiplied three to four times, making it the largest provider of financing for adaptation and resilience in low-income countries. In addition, IDA has special arrangements for small island developing states," she said.