World Bank Taking On Major Economic Threat – Global Warming
What is the driving force behind the World Bank’s current mission? According to the bank’s vice president of sustainable development Rachel Kyte, it is climate change.
“It’s going to be extraordinarily difficult for the poor, who are the least resilient, to be part of the growth and opportunity story over the next few decades if climate change is unabated,” said in an interview with The National Journal.
For the World Bank this means more than simply embracing the notion of a need for change, but actually financing efforts among countries worldwide to combat global warming, including doubling its financial lending.
According to the World Bank, in just one year the percentage of all World Bank (IBRD/IDA) lending projects approved in FY12 dedicated to climate change adaptation, mitigation or both in over 50 countries – will increase from a 22 percent share of climate-related projects in World Bank lending since FY11 to 40 percent in 2012.
From July 2011 to June 2012, the World Bank’s International Development Association (IDA), provided $4.6 billion to assist countries to adapt and mitigate the effects of climate change.
In addition, the World Bank Group recently announced its plans to stop providing financial support for green-field coal power generation projects; except in ‘rare circumstances’. The last coal project the Bank financed was in 2010.