WB To Increase Annual Cost On Climate-Related Projects

The United Nations Climate Change Conference (COP-28) is emphasizing collective efforts to tackle the global climate crisis. As part of this, the World Bank (WB) has announced a 10 percent increase in annual costs on climate-related projects.

WB President Ajay Banga announced this while participating in the ongoing COP-28 conference.

He said annual spending on climate-related projects will be increased to 45 percent from 2024 to 2025, as part of a policy overhaul to encourage more climate action. This was earlier 35 percent.

WB president said that the Washington-based bank will spend $40 billion on this project, which is $9 billion more than before.

If global temperature rise is not kept below 1.5°C, catastrophe will occur. So it needs to be time-bound for its implementation. Globally, there must be a commitment to allocate funds to cover the damage.