World Bank announces $50b for climate adaptation, resilience

The World Bank Group has launched its Action Plan on Climate Change Adaptation and Resilience.

Under the plan, the World Bank Group will rally direct adaptation climate finance to  $50 billion over the next  five years.

In a statement, the bank stated that it would cost an average of $10 billion yearly, more than double what was achieved during the financial year from 2015-2018.

The bank said it would pilot new approaches to increasing private finance for adaptation and resilience.

World Bank Chief Executive Officer Kristalina Georgieva explained that the plan will put climate resilience on an equal footing with their investment in a low carbon future for the first time.

He pledged the preparedness of the bank to rally funding to help people build a more resilient future, especially the poorest and most vulnerable who are most affected.

He said the increase in adaptation financing would support activities that include delivering higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in at least 30 countries for climate risks.

Others are supporting 100 river basins with climate-informed management plans, improved river basin management governance, building more climate-responsive social protection systems; and supporting efforts in at least 20 countries to respond early to, and recover faster from, climate and disaster shocks through additional financial protection instruments.

Georgieva stated that in addition to boosting finance, the plan will also support countries to mainstream approaches to systematically manage climate risks at every phase of policy planning, investment design, and implementation.

Former Secretary-General of the United Nations and co-chair of the Global Commission on Adaptation, Ban Ki-moon said: “This Action Plan is a welcome step from the World Bank, the world’s poorest and most climate vulnerable countries stand to benefit from its increased finance and support for longer term policy change. The Action Plan builds on the link between adaptation and development by promoting effective and early actions that also provide positive development outcomes.”

According to him investing in mangrove replanting may not only protect a local community against sea level rise and storm surges but also create new opportunities for eco-tourism and fisheries.

He said further that early, proactive adaptation and resilience-building actions are more cost-effective than addressing impacts after they occur. Adding that the Action Plan also includes the development of a new rating system to create incentives and improve the tracking of, global progress on adaptation and resilience.