World Bank Plans To Aid Deployment Of 30 GW In Developing Countries By 2020
The World Bank Group has announced this week that it intends to help developing countries add 30 GW of renewable energy by 2020.
Announced on Thursday, the World Bank Group has revealed its new Climate Change Action Plan, in which it intends to help developing countries around the world add 30 GW of renewable energy capacity, in addition to developing early warning systems for 100 million people, and developing climate-smart agriculture investment plans for at least 40 countries.
These three lofty goals are all expected to be completed by 2020, three among a number of targets laid out in the new Plan, “which aims to accelerate efforts to tackle climate change over the next five years” in addition to helping developing countries play their part in the climate agreement which was made in Paris last December — which is set to be signed by world leaders in a fortnight.
“Following the Paris climate agreement, we must now take bold action to protect our planet for future generations,” said World Bank Group President Jim Yong Kim. “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, livable 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.”
A vital part of the new plan will be the acquisition of new private sector investment sources.
The International Finance Corporation, a member of the World Bank Group, will now aim to expand its own climate investments from its current level of $2.2 billion per year, to $3.5 billion annually, and will also lead on leveraging an additional $13 billion a year in private sector financing by 2020.
The World Bank itself also intends to mobilize $25 billion in commercial financing over the next five years.
As part of the plan, the World Bank Group is acknowledging the immediate impact climate change is having on millions of poor people and countries around the world. As such, in addition to investing in renewable energy capacity, the World Bank Group will also develop early warning systems for 100 million people across 15 developing nations, and help bring adaptive social protection to an additional 50 million.
“If we don’t act, climate change threatens to drive 100 million more people into poverty in the next 15 years,” said John Roome, Senior Director for Climate Change at the World Bank Group. “The Action Plan will allow us to help developing countries more quickly, and in the areas where support is most needed, such as disaster preparedness, social protection, and coastal protection.”
For more information, the 59-page World Bank Group Climate Change Action Plan (PDF) is available for download.
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