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.
Here’s what you should know: