Juergen Voegele: World Bank dedicates 45% of its work to climate change issues

The World Bank has been dedicating 45% of its work to addressing climate change-related issues beginning this year, Bank's Vice President for Sustainable Development, Juergen Voegele, said at the event "Global Financial System: Scaling up Climate Action Financing" within the framework of COP29.

According to Report, he added that the World Bank's goal is to increase this figure to 50%. Voegele also noted the importance of the International Development Association (IDA), which provides loans and grants to least developed countries on concessional terms.

According to him, with the association's renewal, each dollar provided by IDA can be increased fourfold.