World Bank to invest $200 billion on climate action

Dec 05, 2018, 7:16 AM EST
(Source: MONUSCO Photos/flickr)
(Source: MONUSCO Photos/flickr)

The United Nations climate talks in Katowice, Poland this week may have started on a wrong foot with controversial sponsorship, coal adornments and meat-heavy platter, but the World Bank Group has given climate activists and environmentalists something to cheer.

The World Bank Group on Monday announced that it will double its climate action investment to $200 billion for five years starting from 2021, writes Eco Watch. World Bank Group President Jim Yong Kim, in a statement, called on the wider global community to be more aggressive in building “a climate-resilient future.”

Underscoring the dire need to build adaptation now, John Roome, World Bank senior director for climate change, warned that 100 million more people could sink below poverty line by 2030 if we fail to cut down emissions, reports Business Standard.