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Friday, 18 January 2019 11:00

World Bank Group announces $50bn for climate adaptation

World Bank Group announces $50bn for climate adaptation

The World Bank Group has launched its Action Plan on Climate Change Adaptation and Resilience. Under the plan, the World Bank Group will ramp up direct adaptation climate finance to reach $50 billion over FY21–25, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of the World Bank Group.

This financing level—an average of $10 billion a year—is more than double what was achieved during FY15-18. The World Bank Group will also pilot new approaches to increasing private finance for adaptation and resilience.

 “Our new plan will put climate resilience on an equal footing with our investment in a low carbon future for the first time. We do this because, simply put, the climate is changing so we must mitigate and adapt at the same time,” said World Bank Chief Executive Officer Kristalina Georgieva.

In addition to boosting finance, the Plan will also support countries to mainstream approaches to systematically manage climate risks at every phase of policy planning, investment design, and implementation.

More details: http://www.worldbank.org/en/news/press-release/2019/01/15/world-bank-group-announces-50-billion-over-five-years-for-climate-adaptation-and-resilience

Person in charge of the newsline: Olga Nagiyeva 

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