World Bank Group Exceeds 2020 Climate Finance Target for 3rd Consecutive Year – $21.4 Billion in Funding for Climate Action

STORY HIGHLIGHTS

  • In fiscal year 2020, the World Bank Group allocated nearly $21.4 billion to climate-climate-finance-2020-collagerelated investments, surpassing its climate-finance target for the third year in a row.
  • Bank Group climate finance exceeded $83 billion over the 5 years that the first Climate Change Action Plan (2016-2020) was in effect.
  • Three country snapshots illustrate ways in which climate change considerations were integrated into projects in Malawi, Bangladesh and Tunisia.

Why we need a Blue Recovery

COVID-19 has brought untold suffering to communities worldwide, compounded by what blue_recovery_world_bank_environmentWorld Bank estimates suggest will be the worst recession since World War II. Such a cataclysmic event requires a bold response, both in the immediate term by providing medical care and the safety nets needed to prevent people from falling into poverty but also in the longer term. As we work with countries to build back their economies and strengthen their communities, it cannot be business as usual and sustainability needs to be fully built into the recovery. But building back better should go beyond the green recovery that is being spoken about and embrace a “Blue Recovery.” The pandemic struck at a time when oceans are under increasing threat from myriad impacts  – ranging from the warming effects of climate change to pollution caused by coastal run-off and marine litter, overfishing and coral reef and biodiversity loss.

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