World Bank Maps Response to Climate Change

The World Bank scaled up its climate and energy efficiency spending in fiscal 2009 and in the first few months of fiscal 2010 to meet the developing world’s rising demand for assistance.

The bank developed new financing instruments, expanded the reach of carbon markets and packaged core financial products with climate resources to support low-carbon and climate-resilient investments in the developing world, according to a newly released report.

The World Bank is supporting Bolivia, Bangladesh, Cambodia, Nepal, Mozambique, Niger, Yemen, Zambia and Tajikistan through its Pilot Program for Pilot Resilience, according to the report. The program is part of the bank’s Climate Investment Fund.

Meanwhile, the CIF Clean Technology Fund endorsed USD4.4 billion worth of investments in the Caribbean and South Pacific during the period. These investments, according to a World Bank press release, are expected to mobilize up USD36 billion worth of public and private climate-change financing for the two regions.

In the past fiscal year, the bank also launched a regional program that seeks to enhance solar power in the Middle East and North Africa region.

The World Bank allocated more than 80 percent of the aid it released through country assistance and partnership strategies during the first months of fiscal 2010 for climate change issues.

In fiscal 2009, the bank said it financed a record USD3.3 billion worth of renewable energy and energy efficiency programs and projects in the developing world.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.