The World Bank Group announced in a statement on Saturday, December 2, 2023, that it is doubling its financial ambition to drive climate action and build resilience through a financing package to help people in developing countries withstand the devastation caused by climate change and create a better world for their children and grandchildren.

The Group seeks to make greater efforts to tackle climate change and do so faster, allocating 45% of its annual funding for climate-related projects for the fiscal year from July 1, 2024, to June 30, 2025, which means deploying more than 40 billion dollars, an increase of 9 billion dollars compared to what was previously planned.

It is worth mentioning that the World Bank set a target in 2021 to reach an average of 35% by 2025, and it achieved this goal ahead of schedule with 36.3% since July 2022.

During last October, the World Bank took on a broad ambitious mission to create a world free of poverty on a livable planet. This new climate commitment is a tangible example of the Bank's determination to achieve this mission.

In addition to enhancing resilience and adaptation to climate change among the groups most affected by its impacts, World Bank Group projects will also focus on protecting ecosystems and biodiversity to safeguard the health of people and the planet. After committing to allocate more of its budget items to finance climate change mitigation, the Bank will continue working on implementing adaptation projects to help countries devastated by climate shocks and mitigating the effects of climate change to reduce greenhouse gas emissions that contribute to climate change.