WASHINGTON, September 19, 2024 -- The World Bank Group delivered a record $42.6 billion in climate finance in fiscal year 2024—which covers July 1, 2023 to June 30, 2024—supporting efforts to end poverty on a livable planet, investing in cleaner energy, more resilient communities, and stronger economies. This represents a 10% increase in climate finance compared to the previous year.
At COP28, the World Bank Group committed to increasing its climate finance to 45% of total lending for FY25, which runs from July 1, 2024 through June 30, 2025. At the same time, it set a goal for half of its public sector climate financing – IBRD and IDA – to support adaptation and half for mitigation. This goal is intended to signal the countries served by the World Bank Group that it is focused on their adaptation challenges.
Each institution within the World Bank Group is contributing to this objective but acknowledges there is more work ahead.
- IBRD and IDA together delivered $31 billion in FY24 in climate finance, of which $10.3 billion specifically supported investments in adaptation and resilience.
- IFC, the private sector arm of the World Bank Group, delivered $9.1 billion in long-term climate finance.
- MIGA, the World Bank Group’s political risk insurance and credit enhancement arm, delivered $2.5 billion in climate finance.
Taken together, World Bank Group climate financing constituted 44% of total financing in FY24, which reached $97 billion.
Previous examples of climate projects include:
Building over 900 new cyclone shelters and rehabilitating an additional 900 in Bangladesh while supporting coastal embankment construction, enhancing early warning systems, and investing in erosion control to protect hundreds of thousands from storm flooding.
Reducing methane emissions while helping farmers adopt sustainable practices to produce higher-quality rice in Viet Nam's Mekong Delta, home to 1.4 million rice-farming households.
In Dakar, Senegal and Cairo, Egypt fully electric Bus Rapid Transit (BRT) systems are helping reduce reliance on fossil fuels and cut emissions. Dakar’s BRT system—the first in West Africa—is projected to reduce carbon dioxide emissions by 1.2 million tons over its lifetime. Cairo’s introduction of 100 electric buses lays the groundwork for a larger fleet aimed at further decreasing vehicle-related pollution.