World Bank boosts climate funding to $40 billion for FY2024-25

The World Bank Group has significantly increased its climate change funding commitment, pledging over $40 billion for the fiscal year starting July 1, 2024, through June 30, 2025. This announcement, made during the COP28 climate talks in the United Arab Emirates on Friday, represents a notable rise from past funding goals. The new commitment accounts for nearly half of the institution’s annual budget, signaling a robust response to global warming challenges.

In a strategic shift to intensify its fight against climate change, the World Bank Group’s latest funding promise exceeds earlier estimates by $9 billion. The decision to allocate 45% of its yearly financing to climate-related projects underscores an urgent prioritization of environmental sustainability and resilience. This move marks a considerable increase compared to the previous target of an average of 35% by 2025 and surpasses the current rate of climate financing, which stands at 36.3%.

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