Climate finance must increase by 2030, says World Bank

The president of the World Bank, Ajay Banga, said on Wednesday (28.Feb.2024), in São Paulo, that by 2030, 45% of the institution’s financing will be directed to climate initiatives. The statement was made at the opening of the Financial Innovation for Climate and Development event, promoted by the IDB (Inter-American Development Bank), which is being held at the Ibirapuera Auditorium, in São Paulo, parallel to the G20 ministerial meeting.

According to him, this funding will be divided between mitigation and adaptation actions. “Both represent development expenses. But people often don’t understand the importance of being equally conscious about mitigation and adaptation. So the World Bank sees both as important.”he said.

Also at the opening of this event, the general director of the IMF (International Monetary Fund), Kristalina Georgieva, considered that the world has progressed at a slow pace in actions to combat the climate crisis.

“We have to admit that we have been slow on climate change and we are still wasting money on activities that create these problems,” she said. “This must be a priority because climate events will impact the performance of economies and businesses and affect people’s well-being”he added.

With information from Agência Brasil.