Groups Urge World Bank To “Sharply Increase” Climate Investment & Action

credit: eattilapia

A coalition of environmental groups wants the World Bank to do more to fight climate change, and they've got a five-point plan to get it done, the Guardian reports.

"The World Bank could unleash tens of billions of dollars each year, if it moved more assertively to finance projects addressing climate change," the Natural Resources Defense Council says in a statement.

"The need for such finance is great for clean energy, adaptation, mitigation, and the World Bank is sitting on capital that could make a real difference in people's lives and livelihoods."

The groups want the World Bank to boost its funding for climate action to at least 50% of its overall finance, up from the current 30%, and to shift billions of dollars from fossil fuel projects into climate mitigation and adaptation.

"These reforms could help to: Increase overall climate finance at a time where additional resources are desperately needed," the NRDC statement says.

"These institutions need new tools and modern approaches to help the poorest countries, trapped in debt, access financing after unrelenting shocks to their economies."

The World Bank is meeting in Washington, DC, this week for its annual meeting. Read the Entire Article

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