The World Bank plans to allocate $150 billion to support climate projects over the next 10 years, World Bank Vice President for Sustainable Development Juergen Voegele said at the event “Global Financial System: Boosting Climate Action Financing” during COP29 in Baku.
According to Report, he noted that developing countries need $2.4 trillion annually until 2030 to reduce carbon emissions and adapt to climate risks.
Last year, the bank allocated $43 billion in climate financing for developing countries – one of the largest support volumes among similar funds, Voegele said.
According to him, the bank has developed new instruments, such as climate-resilient debt provisions, to help countries, especially small island states, when facing disasters.