World Bank specialist names two key areas for increasing climate action funding

World Bank's leading specialist in sustainable financing, Svetlana Klimenko, highlighted two key areas that need attention to increase climate action financing, Report informs.

Klimenko said this during the Special Events on Nature and Climate session at COP29.

According to her, it's important to recognize the necessity of protecting nature and attracting financial resources to this process.

"There are two key aspects that should be considered to increase financing. The first is the global financial system's assessment of risks and opportunities, and the second is financial innovation," she said.

According to Klimenko, when accurate data on climate and natural risks is obtained, it will be easier to convince various stakeholders to act together.

She reported that the World Bank, together with the Brazilian government, is participating in an initiative to create a Permanent Tropical Forest Fund. This fund is viewed as a unique mechanism for ensuring nature protection financing and attracting market resources.

Klimenko noted that incorporating natural risk and opportunity indicators into the market requires innovative approaches, and without these innovations, achieving goals will be impossible.