The World Bank Group has provided a record $31.7 billion in fiscal year 2022 (FY22) to help countries address climate change. This is a 19% increase over the $26.6 billion in historic funding achieved in the previous fiscal year. The Bank Group remains the largest multilateral provider of climate finance for developing countries. “In our last fiscal year ending June 2022, we provided a record $31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans. said David Malpass, president of the World Bank Group. “We will continue to provide solutions for pooling funding from the global community for efficient and scalable projects that reduce greenhouse gas emissions, improve resilience and enable the private sector.”
Climate action funding in FY22 which covers the period from 1 July 2021 to 30 June 2022 reached 36% of the Bank Group’s total funding. This exceeds the target set in the Group’s Climate Change Action Plan 2021-2025 to use an average of 35% of the institution’s funding to support climate action. Together, IBRD and IDA provided $26.2 billion in climate finance in FY22. Almost half of that $12.9 billion specifically supported investments in adaptation and resilience. The IFC, the World Bank’s private sector arm, provided an unprecedented $4.4 billion in climate finance and mobilized an additional $3.3 billion from other sources. MIGA, the political risk insurance and credit enhancement arm of the World Bank Group, has provided $1.1 billion in climate finance.
As part of its ongoing efforts to help countries integrate climate and development goals, the Bank has recently issued a series of Country Climate and Development Reports (CCDRs). The CCDRs are a new essential diagnostic tool to help countries prioritize the most effective actions that can reduce greenhouse gas emissions and support adaptation. A summary of the preliminary findings of these reports will be published in the coming months to encourage action and discussion in the global community.
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