World Bank Abandons Goal to Climate Change Projects
The lender will keep tracking climate indicators and report on all projects as it shifts toward lending outcomes, officials said.
- On Monday, The World Bank Group announced it will "retire" its goal to devote 45 per cent of annual lending to climate projects, while extending its Climate Change Action Plan beyond its June 30 expiration.
- The development lender faced pressure from the Trump administration to abandon climate targets adopted during the Biden administration in 2023, prompting a shift toward lending outcomes rather than input goals.
- World Bank President Ajay Banga shifted focus to "smart development," aimed at boosting job opportunities while providing climate benefits, while the lender dropped its previous 35 per cent climate lending target.
- French development minister Eleonore Caroit issued an eleventh-hour plea last week to keep targets intact, yet the United States, Russia, Kuwait, and Saudi Arabia declined to sign a letter from France and 18 other countries endorsing continued climate work.
- Management will continue tracking climate scorecard indicators on net global greenhouse gas emissions under the CCAP, and the bank plans to "explore and discuss ways to better structure our engagement on adaptation, nature and pollution.
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11 Articles
World Bank to abandon goal to devote 45% of lending resources to climate change projects
The World Bank Group said on Monday it will "retire" its previous goal to devote 45% of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan that was due to expire on Tuesday.
“We will complete the shift from resources to results to maximize development impact. We will abandon the 45% target for climate co-benefits and the 35% target in the Climate Action Plan,” the World Bank Group said in a statement, according to France24. The United States, the World Bank’s largest shareholder, has abruptly changed its climate change policy under the presidency of Donald Trump, who has called the phenomenon a “hoax” and increased …
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World Bank removes climate targets from financing after US criticism
The removal of climate targets may weaken global climate efforts, shifting focus from sustainability to traditional economic development priorities. The post World Bank removes climate targets from financing after US criticism appeared first on Crypto Briefing.
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