World Bank boosts climate financing by 10%

The World Bank announced Thursday that it delivered a record $42.6 billion in climate change financing in the 2024 financial year, up 10 per cent from a year earlier.

The development lender has looked to boost its climate financing commitment under new president Ajay Banga, who took over last year on a pledge to reform the 80-year-old Washington-based institution.

In December, the Bank committed to raising the proportion of its total financing that goes to climate change adaptation from 35 per cent to 45 per cent starting in the fiscal 2025 year, which began in July.

But it came close to that objective this fiscal year, announcing in a statement on Wednesday that around 44 per cent of the World Bank Group's total financing of $97 billion had a climate financing component.

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