World Bank Shifts Climate Focus: From Goals to Outcomes
8 Articles
8 Articles
The World Bank has abandoned a target considered crucial for climate finance after intense pressure from the United States, which is the institution's largest shareholder and has dismantled decades of international cooperation in the fight against global warming. Exclusive material for subscribers. To have full access, access the link of the subject and register.
World Bank Shifts Climate Focus: From Goals to Outcomes
The World Bank Group announced the retirement of its 45% annual lending goal for climate projects, instead extending its Climate Change Action Plan. This move, influenced by political pressures, marks a shift in strategy from focusing on input goals to emphasizing lending outcomes.
As the Reuters media reported, last Monday the World Bank reported that it would abandon its target of allocating 45 per cent of its annual credit resources for projects with climate benefits. The target, which had been set in 2023, provided loans for projects that, although not primarily focused on climate issues, did bring benefits in terms of adaptation or mitigation of climate benefits. According to the Barrons media, the Bank’s target had e…
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