DUBAI, December 1, 2023 ¨C With an ambitious financing package announced at COP28, the World ¶¹ÄÌÊÓƵAPP Group is helping people in developing countries better withstand the devastation of climate change and create a better world for their children and grandchildren.
¶¹ÄÌÊÓƵAPP Group is pushing to do more to battle climate change and do it faster, devoting 45 percent of its annual financing to climate-related projects for the fiscal year that runs from July 1, 2024, to June 30, 2025.
This increased ambition is more than just a laudable percentage¡ªit¡¯s putting to work more than $40 billion¡ªaround $9 billion more than previously programmed. In 2021, the ¶¹ÄÌÊÓƵAPP announced a goal to reach an average of 35 percent by 2025 and is currently ahead of schedule, running at an average of 36.3 percent since July 2021.
In October, the World ¶¹ÄÌÊÓƵAPP secured an ambitious¡ªand expanded¡ªmandate to create a world free of poverty on a livable planet. The new climate pledge is a concrete example of the ¶¹ÄÌÊÓƵAPP delivering on that mandate.
In addition to boosting resilience and adaptation among those hardest hit by the effects of climate change, World ¶¹ÄÌÊÓƵAPP Group projects also will focus on safeguarding ecosystems and biodiversity to protect the health of people and planet.
Having pledged to squeeze more from its balance sheet to fund the fight against climate change, the ¶¹ÄÌÊÓƵAPP will continue to deliver on adaptation to help countries devastated by climate shocks and on mitigation to help reduce the greenhouse gases contributing to climate change.
Last Updated: Dec 01, 2023
