WB doubles Africa climate support to $22.5bn

The World Bank Group is stepping up its climate support for Africa with $22.5bn for climate adaptation and mitigation for the five years from 2021-2025.

This more than doubles the commitment to climate-related projects over the last five years.

The funding is part of WBG’s 2025 Targets to Step Up Climate Action, launched in December 2018 during the UN’s COP24 in Poland.

It will help African countries manage the risks of a changing climate while unlocking new investment opportunities.

IFC and MIGA, WBG’s private sector arms, will also continue to ambitiously grow their Africa climate activities.

“People across Africa are already experiencing the growing impacts of climate change. This region is particularly vulnerable to increasing floods, droughts and destructive storms,” said Interim President of the World Bank Group, Kristalina Georgieva. “We have to do more and do it faster, or millions of people could be plunged into poverty. That’s why the World Bank is providing more money to build resilience and help communities cope with the effects of climate change in Africa.”