The World Bank plans to allocate $150 billion to finance climate projects over the next 10 years.
This was stated by World Bank Vice President for Sustainable Development Jürgen Vogel during a panel discussion on “The Global Financial System: Expanding Climate Finance,” Trend news agency reports.
He informed that developing countries will need $2.4 trillion annually by 2030 to reduce carbon dioxide emissions and prepare for future risks.
"Countries, people, economies and companies are going through difficult times. So we need to act. This can be my message on behalf of the World Bank," said the vice-president of the financial institution.
According to Fogel, last year the World Bank allocated $43 billion to developing countries.
"This is one of the biggest supports for developing countries in terms of climate finance compared to other funds," he said.
The vice president said that the World Bank has introduced new tools, such as debt covenants, that are resilient to climate change. He separately emphasized that countries – especially small island states – really need help when they face disasters.
"We currently have agreements with 14 countries. They will be able to postpone or reduce debt payments if they face a disaster," said Jürgen Vogel.
The other day, EcoPolitic reported that economists at the COP29 Conference of the Parties in Baku urged find at least $1 trillion a year over a decade for poorer countries to deal with climate change.
