The World Bank pledges $200 billion

Jim Yong KimWorld Bank President Jim Yong Kim speaks at the panel Building Human Capital: A Project for the World, during the World Bank/IMF Spring Meetings, in Washington, Saturday, April 21, 2018. ( AP Photo/Jose Luis Magana)

The World Bank promises $200 billion in climate funds

The World Bank announced on Monday that it will put aside $200 billion for climate work in the years 2021 to 2025.

 

The bank will thus double its climate contribution compared to the current five-year period. The climate boost was announced on Monday while delegates from around 200 countries gathered for the UN climate summit in Poland.

“This means that the ambitions are raised vigorously and it sends an important signal to the rest of the world to do the same,” said the World Bank of the initiative.

“If we do not reduce emissions and start adapting, we will have 100 million more poor in 2030,” said John Roome, the bank’s chief on climate issues. He said there could be even more climatic fluctuations.

The amount is equivalent to around NOK 1,715 billion based on today’s price. By comparison, the Norwegian government’s budget for next year is around NOK 1,400 billion.

 

© NTB scanpix / #Norway Today

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