Clausen, Alden W.
(See Presidents of the World Bank Group).
(See also Cross-Cutting Solution Areas.)
World Bank Group and Climate Change
Climate Change—one of five new Cross-Cutting Solution Areas—is a fundamental threat to development and the fight against poverty. The World Bank
Group is concerned that without bold action now, the warming planet could put prosperity out of the reach of millions and roll back decades of development.
The science is unequivocal that humans are the cause of global warming, and that major changes are already being observed. The intensity of extreme weather-related events has also increased. Recent experience is a stark reminder that no country—rich or poor—is immune to the impacts of climate-related disasters today. The Bank Group is therefore stepping up its mitigation, adaptation, and disaster risk management work and will increasingly look at all its business through a climate lens.
The Bank is trustee of 15 carbon finance initiatives that have supported more than 145 active projects in 70 client countries. Since 2000, these initiatives have reduced the equivalent of 187 million tons of carbon dioxide emissions through the projects they support. The Bank is also supporting work on ending fossil fuel subsidies.
The World Bank Treasury and IFC are also the world's largest issuers of green bonds, which support climate-related projects such as increasing energy efficiency and the development of renewable energy—with more than $6.3 billion with green bonds raised by the World Bank Treasury. IBRD has issued 66 World Bank Green Bonds in 17 currencies, supporting 50 projects in 17 member countries.
The World Bank Group has successfully mobilized additional resources to finance climate action by working with partners. These resources include the $8 billion Climate Investment Funds, which are designed to provide scaled-up financing through the multilateral development banks to initiate transformational change toward climate-resilient, low-carbon development.
The World Bank Climate Vice Presidency, established in January 2014, is working to leverage both public and private sources of climate finance to support climate-smart policy and investments and help countries and businesses adapt to a changing climate.
The Third Climate Change Development Policy Operation Program supports the government of Vietnam in its efforts to address climate change by strengthening institutional capacity to promote climate resilience and lower carbon intensity development. The project contributes to Vietnam's efforts to move toward more environmentally sustainable growth as outlined in the Socio-Economic Development Plan for 2011-2015. ©World Bank/Tran Thi Hoa (photographer). Permission required for reuse.