KUALA LUMPUR (Sept 13): The World Bank Group delivered a record US$31.7 billion (RM142.89 billion) in fiscal year 2022 (FY22) to help countries address climate change.
In a recent statement on its website, the bank said this was a 19% increase from the US$26.6 billion all-time high in financing reached in the previous fiscal year.
The World Bank Group is reportedly the largest multilateral financier of climate action in developing countries.
World Bank Group president David Malpass said that in FY22 — from July 1, 2021 to June 30, 2022 — the bank provided a record US$31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans.
“We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce greenhouse gas emissions, improve resilience, and enable the private sector,” he said.
Financing for climate action in FY22 reached 36% of total bank group financing.
This exceeded the target set in the group’s Climate Change Action Plan for 2021-2025 to deploy an average of 35% of the institution’s financing in support of climate action.
The World Bank Group said the International Bank for Reconstruction and Development and the International Development Association together delivered US$26.2 billion in FY22 in climate finance.
It said that nearly half of that — US$12.9 billion — specifically supported investments in adaptation and resilience.
Meanwhile, International Finance Corp, the private-sector arm of the World Bank Group, delivered an unprecedented US$4.4 billion in climate finance, and mobilised an additional US$3.3 billion from other sources.
The Multilateral Investment Guarantee Agency, the World Bank Group’s political risk insurance and credit enhancement arm, delivered US$1.1 billion in climate finance.
