The World Bank has unveiled a direct adaptation climate finance plan which will reach $50 billion over the five years of 2021–2025.
It is part of the Banks approved Action Plan on Climate Change Adaptation and Resilience covering a period of five years.
According to the bank, this financing level, an average of $10 billion a year is more than double what was achieved during 2015-20118.
The World Bank Group will also pilot new approaches to increasing private finance for adaptation and resilience.
Kristalina Georgieva, Chief Executive Officer of the World Bank, said “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.
“We will ramp up our funding to help people build a more resilient future, especially the poorest and most vulnerable who are most affected.”
The increase in adaptation financing will support activities that include: delivering higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in at least 30 countries for climate risks.
It is also intended to supporting 100 river basins with climate-informed management plans and/or improved river basin management governance, building more climate-responsive social protection systems and supporting efforts in at least 20 countries to respond early to, and recover faster from, climate and disaster shocks through additional financial protection instruments.
Additionally, the Plan will support countries to mainstream approaches to systematically manage climate risks at every phase of policy planning, investment design, and implementation.
Speaking on the development, former Secretary-General, United Nations and co-chair of the Global Commission on Adaptation, Ban Ki-moon said, “This Action Plan is a welcome step from the World Bank. The world’s poorest and most climate vulnerable countries stand to benefit from its increased finance and support for longer term policy change.”
The Action Plan builds on the link between adaptation and development by promoting effective and early actions that also provide positive development outcomes. For example, investing in mangrove replanting may protect a local community against sea level rise and storm surges, while also creating new opportunities for eco-tourism and fisheries.