WB promises $200B in 2021/25 climate cash

WASHINGTON - 3 December 2018: The World Bank on Monday unveiled dlrs 200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding, The Economic Times reported.

The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same".

Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change -- up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.

Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments.

In a statement, the World Bank said the breakdown of the $200 billion would comprise "approximately $100 billion in direct finance from the World Bank".