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World Bank Group To Raise $200 Billion In The Year 2021-25 For Climate Cash

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| December 3 , 2018 , 12:56 IST

The World Bank Group announced a major new set of climate targets for the year 2021-2025, on Monday. It doubled its current 5-year investments to around $200 billion in support for countries to take ambitious climate action.

The financing will support higher-quality forecasts, early warning systems and climate information services. That’s expected to build more climate-responsive social protection systems in 40 countries and finance "climate-smart agriculture investments" in 20 countries.

The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries.

The plan also represents significantly ascended ambition from the World Bank Group, sending an important signal to the wider global community to do the same. 

ALSO READ: World Bank Signs $500 Mn Loan Agreement With India 

World Bank issued a press release in which World Bank Group President, Jim Yong Kim wrote, "We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future."

Talking to media, John Roome, World Bank senior director for climate change warned, "If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030."

"And we also know that the less we address this issue practically just in three regions — Africa, South Asia and Latin America — we’ll have 133 million climate migrants," he added.