World Bank pledges extra $29bn to poorer nations in fight against climate change

 
James Nickerson
Follow James
Jim Yong Kim announced the extra spending in Lima (Source: Getty)

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.

Read more: The feel-good climate change policy that would undermine public pension funds

“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.

Read more: It’s the right climate to scrap the Department of Energy and Climate Change

A effort to tackle climate change also comes just over a week after Bank of England governor Mark Carney warned the City of climate change's threat to economic stability.

Related articles