Financing focuses on helping countries reduce GHG emissions and adapt to mounting impacts of climate change
WASHINGTON, September 7, 2022 ¨C ľ¹ÏÓ°Ôº Group delivered a record $31.7 billion in fiscal year 2022 (FY22) to help countries address climate change. This is a 19% increase from the $26.6 billion all-time high in financing reached in the previous fiscal year. The Bank Group continues to be the largest multilateral financier of climate action in developing countries.
¡°In our last fiscal year ending June 2022, we provided a record $31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans.¡± said David Malpass, President of the World Bank Group. ¡°We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions, improve resilience, and enable the private sector.¡±
Financing for climate action in FY22¡ªwhich covers July 1, 2021, to June 30, 2022¡ªreached 36% of total Bank Group financing. This exceeds the target set in the Group¡¯s Climate Change Action Plan for 2021-2025 to deploy an average of 35% of the institution¡¯s financing in support of climate action.
IBRD and IDA together delivered $26.2 billion in FY22 in climate finance. Nearly half of that¡ª$12.9 billion¡ªspecifically supported investments in adaptation and resilience. IFC, the private sector arm of the World Bank Group, delivered an unprecedented $4.4 billion in climate finance and mobilized an additional $3.3 billion from other sources. MIGA, the World Bank Group¡¯s political risk insurance and credit enhancement arm, delivered $1.1 billion in climate finance.
As part of its ongoing effort to help countries integrate climate and development objectives, the Bank Group recently launched a number of Country Climate and Development Reports (CCDRs). CCDRs are a new core diagnostic to help countries prioritize the most impactful actions that can reduce GHG emissions and boost adaptation. A summary of the preliminary findings of these reports will be published in coming months to foster action-oriented discussion in the global community.
