What we committed
At COP28, the World Bank Group committed to increasing its climate finance from 35% to 45% of total lending for fiscal year 25, which runs from July 1, 2024 through June 30, 2025. At the same time, we also set a goal for half of our public sector climate financing ¨C IBRD and Å·ÃÀÈÕb´óƬ ¨C to support adaptation and half for mitigation.
What we delivered
We are on track to meeting this target. In fiscal year 2024, the World Bank Group delivered a record $42.6 billion in climate finance. This was 44% of our total financing putting the new target well within striking distance.
Climate finance by institution:
- IBRD and Å·ÃÀÈÕb´óƬ together delivered $31 billion in FY24 in climate finance, of which $10.3 billion specifically supported investments in adaptation and resilience.
- IFC, the private sector arm of the World Bank Group, delivered $9.1 billion in long-term climate finance.
- MIGA, the World Bank Group¡¯s political risk insurance and credit enhancement arm, delivered $2.5 billion in climate finance.
Impact
This financing supports efforts to end poverty on a livable planet, investing in cleaner energy, more resilient communities, and stronger economies. For example, it is going to:
- Help the better handle disasters and climate threats, with a particular focus on protecting schools, health facilities, and human settlement.
- Boost water security and resilience to climate-exacerbated droughts in by helping restore depleted or polluted sources, as well as improving access to safe water supply and sanitation.
- Support the development of a climate-resilient Bay Terminal deep seaport in that will improve the country¡¯s global trade competitiveness, reduce import and export costs and bring benefits to over one million people, half of whom are women.
Next steps
We recognize that the number of dollars going into a project is meaningless unless those projects actually deliver results for people and the planet. In our new World Bank Group Corporate Scorecard, we are shifting our bottom line from dollars committed to project outcomes. We will also focus on tons of greenhouse gas emissions reduced, gigawatts of renewable energy capacity enabled, and millions of people with enhanced resilience to climate risks.