World Bank signals 'fundamental' climate change shift
More than a quarter of investment will now go directly to help developing world fight global warming

The World Bank has signalled a "fundamental shift" in its funding policy which will see tens of billions of dollars channelled into projects to fight climate change.
Officials announced that in future, 28 per cent of all World Bank's investment would go into projects that, for example, aim to rapidly increase renewable energy capacity across the developing world. This will amount to at least $16bn (£11bn) a year by the end of the decade, notes The Guardian, with up to a further $13bn (£9bn) being "leveraged" from the private sector.
In addition, the organisation said that all of its future spending decisions would take account of the impact on the environment, a response in part to criticism that it has funded fossil fuel-based energy projects.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"This is a fundamental shift for the World Bank. We are putting climate change into our DNA," said John Roome, a senior director for climate change.
Along with its fellow development banks which are part of the World Bank Group, the funding body was made the "lynchpin" of a pledge agreed in Paris in December to provide $100bn (£71) of funding to poor countries to help them adapt to a low-carbon world.
At that summit, 195 world leaders vowed action to keep global temperature rises below the two-degree level that scientists frequently cite as a tipping point for catastrophic climate change. In two weeks, the leaders will convene in New York to formally sign that agreement.
"Following the Paris climate agreement, we must now take bold action to protect our planet for future generations," said Jim Yong Kim, the president of the World Bank Group.
"We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems and build sustainable, liveable cities for growing urban populations. Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them."
The new strategy will including funding construction of enough renewable energy to power 150 million homes in developing countries and building early warning systems for climate disasters for 100 million people, says the Guardian.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
5 low approval cartoons about poll numbers
Cartoons Artists take on fake pollsters, shared disapproval, and more
-
Deepfakes and impostors: the brave new world of AI jobseeking
In The Spotlight More than 80% of large companies use AI in their hiring process, but increasingly job candidates are getting in on the act
-
Sudoku medium: May 4, 2025
The Week's daily medium sudoku puzzle
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical