World Bank Group adopted Climate Change Action Plan

Posted on:09 Apr 2016 09:08:16
World Bank Group adopted Climate Change Action Plan
09 April 2016 Current Affairs: The World Bank Group (WBG) on 7 April 2016 adopted the Climate Change Action Plan. The plan was designed to help countries meet their Paris COP21 pledges and manage increasing climate impacts.It sets targets for 2020 in high-impact areas, including clean energy, green transport, climate-smart agriculture, and urban resilience.COP 21 under UNFCCC adopted Paris Agreement on Climate Change.The climate-related share of WBG’s portfolio will be increased from 21 to 28 percent by 2020 in response to client demand, with total financing of potentially 29 billion US dollars per year by 2020.The bank will support countries in translating their Nationally Determined Contributions (NDCs) into climate policies and investment plans into actions and in mainstreaming climate considerations into policies and budgets. The IFC, a member of the group, will crowd in private sector finance by significantly scaling up its own investments— from 2.3 billion to about 3.5 billion US dollars in 5 years.By 2020, it will have mobilized at least $13 billion per year in external private sector investments through its operations.Multiple instruments will be deployed to de-risk renewable energy investments, with a cumulative target of adding 20 GW in renewable energy generation over 5 years.The WB will “green” grids with the aim to enable the addition of 10 GW of variable renewable energy over 5 years and ensure that all energy investments are adapted to climate change. The WB will aim to mobilize 25 billion US dollars of commercial funding for clean energy over the next five years.It will pursue urban mobility and low-carbon, multimodal transport operations in all regions and aim for 2 billion US dollars in lending for adaptation between 2016 and 2020.The focus will be on integrating climate into urban planning, among others, by developing tools and knowledge products through the Global Platform for Sustainable Cities and aim to roll these out in at least 30 cities by 2020.Climate-smart agriculture profiles and investment plans will be developed by 2020 for at least 40 countries.By 2020, the WBG aims to have assisted 20 countries in enhancing their capacity to innovate in climate sectors and increase industrial competitiveness in response to climate change.

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