Global Financing Organization Disburses Historic Amount for Initiatives Fighting Climate Change
In the fiscal year 2024, the World Bank dished out an all-time high of approximately $43 billion (approximately €38 billion) for endeavors in renewable energy and other environmental conservation initiatives. This represents a 10% jump from the previous year's allocation. This breakthrough was revealed by the World Bank on June 30, the close of the fiscal year.
This substantial sum designated for environmental projects equated to 44% of the overall lending total of $97 billion, according to further information. This puts the World Bank on the brink of achieving its objective, declared at the COP28 climate summit the previous year, of increasing the allocation for environmental preservation projects to 45% in the fiscal year 2025.
Beyond the shift towards renewable energy, the World Bank intends to assist in the mission of "eradicating poverty in a sustainable world" and invest in "resilient communities and stronger economies" with these funds.
In line with this, the statement detailed plans for the rollout of entirely electric bus fleets in Dakar, Senegal's capital, and Cairo, Egypt's capital. The objective is to decrease air pollution and CO2 emissions from vehicular traffic in both metropolitan areas.
In Bangladesh, World Bank finances are being funneled into more than 900 temporary shelters for cyclone protection, coastal fortification, and early warning systems. In Vietnam, initiatives are underway to minimize methane gas emissions in rice cultivation in the Mekong Delta. The World Bank, much like the International Monetary Fund (IMF), serves as a unique organization under the auspices of the United Nations.
The total allocation for environmental projects in 2024 is over four times larger than the allocation in 2014, amounting to a staggering billion dollars. With this immense funding, the World Bank aims to support the transition to a sustainable planet, investing in various sectors like reducing emissions and promoting resilient communities.
