World Bank reports record $31.7B delivered for climate change

By Michael Hernandez

WASHINGTON (AA) - The World Bank reported on Wednesday a record-breaking $31.7 billion in financing to help developing nations address the increasingly dire challenges caused by climate change.

The sum marks a 19% increase from the previous high established in fiscal year 2021, the bank said in a statement. Climate funding now accounts for 36% of total Bank Group financing, slightly more than a 35% target it established in an action plan to support climate actions.

“We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions, improve resilience, and enable the private sector," said bank president David Malpass.

The International Bank for Reconstruction and Development and the International Development Association -- the bank's main operating units -- combined to deliver $26.2 billion during the 2022 fiscal year, which ended in June. In all, $12.9 billion was spent to bolster climate resilience and adaptation efforts, the bank said.

Additional funding was provided via the International Finance Corporation, the bank's private sector wing while $3.3 billion was delivered via other sources.​​​​​​​