World Bank Spent $43bn On Climate Financing In 2024
2 years ago 2 min read
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…Says 40% Of Africans Face Climate Risk
The World Bank Group said it supported countries to protect communities from climate-related hazards through $43bn climate financing in 2024.
The lender said the financing was aimed at developing early warning systems, improve access to insurance for communities and businesses threatened by climate shocks.
The Washington-based bank said the funds were also to help countries prepare for the low-carbon, resilient transition and enabling them to build climate-smart economies.
This was contained in a report published by the World Bank, obtained by THE WHISTLER.
It said, “In fiscal year 2024, we delivered a record $43bn in climate finance and are channeling 45 percent of our annual financing to climate action by 2025.
“To provide policymakers with strategic recommendations to tackle climate issues, we have also published Country Climate and Development Reports covering nearly 70 economies.”
According to the World Bank, 1.2 billion people around the world face life-changing risks from climate-related hazards including floods, heat waves, droughts or cyclones.
It said many of the high-risk areas are in IDA countries, where nearly half of the population is at high risk.
World Bank said, “Countries need a combination of more rapid development, more resilient development, and targeted adaptation interventions to reduce climate risks.
“In 2021, 1.2 billion people faced climate-related hazards and high vulnerability, with South Asia and Sub-Saharan Africa among the most affected regions.
“In Sub-Saharan Africa, around 40 percent of the population is exposed to climate shocks, and almost all of this population is considered at high risk.”
The World Bank said almost 90 percent and around 30 percent of the population of South Asia is at high risk and highest exposure to climate shock.
The institution said the risk is driven by very high rates of exposure to heat waves.
