Poorer countries will be given a boost by the World Bank in the fight against climate change as Jim Yong Kim, president of the World Bank Group, announced the organisation would give $29bn (£19bn) in financial assistance.
The pledge brings the World Bank closer to the $100bn a year target, hoped to be reached by 2020.
“As we move closer to Paris countries have identified trillions of dollars of climate-related needs. The bank, with the support of our members, will respond ambitiously to this great challenge,” Kim said. He added:
Meeting this commitment will build the trust and confidence necessary for credible emissions’ reduction targets. Much of that $100bn is already flowing, with multilateral development banks providing critical financing.
Some 190 countries will gather in Paris between November and December to try and bash out a new agreement on climate change, attempting to vastly reduce greenhouse emissions.
The announcement comes the day after a group of 20 vulnerable nations called for greater access to climate funds.