(Ecofin Agency) - The World Bank will dedicate 35% of its funding allocations for 2020-25 to climate projects. Over the past five years, the climate share was 28%.

The institution also announced that half of this climate financing will be done through its members, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

According to World Bank President David Malpass (pictured), “climate change is a major challenge for our development efforts. The poorest countries are those that suffer most from extreme weather events, including floods, droughts and, in turn, food insecurity."

“In addition to increasing climate finance, we are working with countries to achieve results in reducing greenhouse gas emissions and successfully transitioning to low-carbon development," he added.

Gwladys Johnson Akinocho