“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” World Bank Group President Jim Yong Kim said in a statement. “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.”
The World Bank provides financial, advisory and technical support to developing countries. This year, the bank financed a record $7.7 billion in adaptation projects, such as a solar water pump for Nabeina village in the low-lying island nation of Kiribati, which is threatened by saltwater intrusion due to rising sea levels.