World Bank confirms key elements of new climate action plan
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
August 08, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, AUGUST 08, 2022
World Bank confirms key elements of new climate action plan

Global Economy

Reuters
03 April, 2021, 11:45 am
Last modified: 03 April, 2021, 11:49 am

Related News

  • Agreement signed with World Bank for $300m loan 
  • World Bank says no new plans for financing for Sri Lanka
  • Biden to announce executive actions on climate
  • Pacific bloc demands climate action as China, US woo
  • $500m WB credit for Bangladesh’s flood preparedness

World Bank confirms key elements of new climate action plan

The new plan commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, as many campaigners had urged

Reuters
03 April, 2021, 11:45 am
Last modified: 03 April, 2021, 11:49 am
FILE PHOTO: World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. REUTERS/Mike Theiler//File Photo
FILE PHOTO: World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. REUTERS/Mike Theiler//File Photo

The World Bank on Friday announced a new Climate Change Action Plan aimed at helping developing countries achieve measurable reductions in greenhouse gas emissions and pledging to mobilize large-scale resources to aid the transition out of coal.

World Bank President David Malpass said key elements of the plan had been presented to the bank's board on Thursday and underscored the need to take urgent action.

He said the bank had provided $83 billion in climate finance over the past five years, peaking at $21.4 billion in 2020, but the new plan would see those levels increase.

The new plan, first reported by Reuters Wednesday, commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, as many campaigners had urged.

"Our collective responses to climate change, poverty and inequality are defining choices of our age," Malpass said in a statement, underscoring the need to "help countries maximize the impact of climate finance, with measurable improvements in livelihoods through adaptation, and measurable reductions in greenhouse gas emissions through mitigation."

To achieve these goals, Malpass said 35% of World Bank Group financing, on average over the next five years, would have climate co-benefits, and 50% of the bank's climate financing would support adaptation and resilience.

The bank would also adopt new metrics that facilitated a greater focus on reducing greenhouse gas emissions, adaptation and resilience, and expand its climate diagnostics through new Country Climate and Development Reports.

Malpass said the bank would support "transformative" investments in energy, food systems, transport and manufacturing, the systems that contribute most to emissions, and significantly increase support for countries seeking to transition away from coal.

The World Bank would align its financing flows with the objectives of the 2015 Paris climate agreement by July 1, 2023, he said, with 85% of new International Finance Corp and Multilateral Investment Guarantee Agency operations to be aligned by then, and 100% by July 1, 2025.

Top News / World+Biz / Climate Change

World Bank / World Bank Chief / World Bank projects / World Bank Group / World Bank President David Malpass / Climate action plan / climate action

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • TBS file photo
    Now 99% Bangladesh products come under China’s duty-free offer
  • Photo: TBS
    Production loss feared as zone-wise industrial weekly closure mulled 
  • Representational image. File Photo: Minhaj Uddin/TBS
    LC settlement fell by $1.17b in July

MOST VIEWED

  • Hitting the highway.Photographer: David Paul Morris/Bloomberg
    US drivers are using less gasoline. Let's keep it that way
  • Photo: Reuters/Lucas Jackson
    Wall St Week Ahead: Inflation data may seal fate of unloved US stock rally
  • The first commercial empty grain vessel from Istanbul to Ukraine under the Black Sea Grain Initiative as at anchorage at the inspection area near north west of Istanbul, Turkey, August 5, 2022. The JCC authorized the movement, pending inspection, of M/V Fulmar S, inbound for Chornomorsk as Fulmar S is at the inspection area near north west of Istanbul. UNOCHA/ LEVENT KULU/via REUTERS
    First foreign-flagged ship arrives in Ukraine since February, awaits grain load
  • FILE PHOTO: The Sierra Leone-flagged cargo ship, Razoni carrying Ukrainian grain leaves the port, in Odesa, Ukraine, August 1, 2022, in this screen grab taken from a handout video. Oleksandr Kubrakov/ Ukraine Ministry of Infrastructure/Handout via REUTERS
    Four cargo ships sail from Ukraine- Turkish, Ukrainian officials
  • U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Kuwait's Agility signs 1.4b euro facility with banks
  • Representational image. Picture: Reuters
    China's export growth gains steam despite weakening global demand

Related News

  • Agreement signed with World Bank for $300m loan 
  • World Bank says no new plans for financing for Sri Lanka
  • Biden to announce executive actions on climate
  • Pacific bloc demands climate action as China, US woo
  • $500m WB credit for Bangladesh’s flood preparedness

Features

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

19h | Mode
Infograph: TBS

Why a drastic fuel price hike is dangerous

1d | Panorama
A fuel price hike to fuel agony

A fuel price hike to fuel agony

1d | Panorama
Kamal Uddin Mazumder. Sketch: TBS

Rising foreign debt and balance of payments deficit: Does Bangladesh need to worry?

1d | Thoughts

More Videos from TBS

How Google Maps operates in Bangladesh

How Google Maps operates in Bangladesh

8h | Videos
Is BPC really in loss?

Is BPC really in loss?

10h | Videos
Reasons behind Putin-Erdogan's meeting in Sochi

Reasons behind Putin-Erdogan's meeting in Sochi

14h | Videos
Dr Jamaluddin Ahmed talks about recent fuel price hike

Dr Jamaluddin Ahmed talks about recent fuel price hike

14h | Videos

Most Read

1
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

2
Housing projects sprouting up by Dhaka-Mawa expressway
Real Estate

Housing projects sprouting up by Dhaka-Mawa expressway

3
July remittance hits two-year high
Economy

July remittance hits two-year high

4
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

5
Bangladesh to resume talks for Ukrainian wheat import
Economy

Bangladesh to resume talks for Ukrainian wheat import

6
A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. REUTERS/Issei Kato/File Photo
Energy

Summit proposes long-term LNG supply to Petrobangla

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net