World Bank to abandon goal to devote 45% of lending resources to climate change projects
The lender will shift to outcome-based climate tracking after dropping its 45% and 35% lending targets, while extending its Climate Change Action Plan.
- 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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22 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.
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.
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