World Bank boosts target for climate-friendly financing to 35% over five years

The World Bank said on Wednesday it was setting a new five-year target for 35% of its financing, on average, to have climate "co-benefits," up from a 28% target for the previous five-year period ended in 2020.

The multilateral development lender also said half of the climate-related financing would be done by its main units - the International Bank for Reconstruction and Development and the International Development Association - and would be aimed at supporting climate adaptation and resilience projects.

"Climate change presents critical challenges to our development efforts," World Bank President David Malpass, a former Trump administration Treasury official, said in a statement.

"The poorer countries suffer most from climate events – including flooding, droughts and food insecurity. In addition to increasing our climate financing, we're working to achieve country outcomes that reduce greenhouse gas emissions and a successful transition to lower-carbon development."

Between 2016 and 2020, World Bank Group said its institutions, including the International Finance Corp and the Multilateral Investment Guarantee Agency, provided over $83 billion in climate-related finance to developing countries.