World Bank drops 45% climate financing target, extends climate plan
The World Bank abandoned its goal to devote 45% of annual lending to projects with climate co‑benefits and announced an extension of its Climate Change Action Plan. It also said it would shift focus to lending outcomes rather than input goals. Warnings were issued that poorer countries, especially in Africa, could receive less support to adapt to a warming world. The bank's Independent Evaluation
The World Bank abandoned its target to allocate 45% of its annual financing to projects with climate co‑benefits and announced that it will extend its Climate Change Action Plan. The bank also said it would shift its focus to lending outcomes rather than input goals (GDELT reported).
Warnings were issued that poorer countries, especially in Africa, could receive less support to adapt to a warming world (AllAfrica reported).
The World Bank's Independent Evaluation Group will conduct a review of the Climate Change Action Plan at the request of the bank's executive board (GDELT reported).
Major banks including JP Morgan Chase, Citi and Wells Fargo funnel billions of dollars each year into oil and gas companies (fossilfreeciti.org reported). Between 2020 and 2021, all top Wall Street banks pledged to reach net‑zero greenhouse gas emissions (fossilfreeciti.org reported).
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