The World Bank management gave staff their first set of detailed guidelines on how the lender plans to ensure that all its activities are in line with the targets of the Paris Agreement on climate, meaning that starting in three months, the bank will only fund projects with low greenhouse gas emissions.
According to a memo to staff yesterday that was seen by Devex, all the lender’s activities and projects “must be assessed to demonstrate that they are aligned with the goals of the Paris Agreement” by the start of the fiscal year on July 1, which meets the deadline the bank set for itself.
This includes supporting climate-resilient infrastructure and development programs so that vulnerable nations can cope with more frequent extreme weather events.