There has been a flurry of finance-related announcements since the United Nations’ COP 28 climate conference kicked off last week in Dubai. One thing seems clear: MDBs have gotten the message from shareholders that they need to step up on climate.
The World Bank Group announced that it will boost its climate target – aiming for 45% of its annual financing to go to climate-related projects in the next fiscal year. That should amount to about $9 billion more a year than under its previous 35% target. World Bank President Ajay Banga said that those resources would be equally split between climate mitigation and adaptation.
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About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
