Jim Yong Kim, President of the World Bank Group announced that Group will increase climate financing to potentially $29 billion annually with the support of its members, giving a huge boost to global efforts to mitigate climate change and move toward low-carbon growth. Currently, 21 percent of the Bank Group’s funding is climate related, but it could be risen to 28 percent in 2020 in response to client demand.
The announcement was made during the Annual Meetings of World Bank Group and IMF in Lima in a private meeting of ministers who gathered to talk about climate financing ahead of the 21st Conference of the Parties in Paris. Read more at http://www.worldbank.org/
