The World Bank Group has launched an action plan on climate change adaptation and resilience, under which it will increase direct adaptation climate finance to USD 50 billion over 2021-2025.
Outlined in a publication titled, ‘Action Plan on Climate Change Adaptation and Resilience: Managing Risks for a More Resilient Future,’ the Plan provides for an average of USD 10 billion a year during the five-year period, which is more than double what was achieved in 2015-2018.
World Bank CEO, Kristalina Georgieva, emphasized that the Plan will ensure that, for the first time, climate adaptation and resilience are placed on equal footing with investment in mitigation and low-carbon efforts.
The Action Plan envisions that adaptation financing will support, inter alia:
– delivery of higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in at least 30 countries for climate risks;
– 100 river basins with climate-informed management plans and/or improved river basin management governance;
– more climate-responsive social protection systems; and
– efforts in at least 20 countries to respond early to, and recover faster from, climate and disaster shocks through additional financial protection instruments.