The World Bank plans to allocate $150 billion to finance climate projects over the next 10 years, the World Bank's Vice President for Sustainable Development Juergen Voegele said at COP29 in Baku.
“The World Bank plans to allocate $150 billion in climate finance over the next 10 years. Developing countries will need $2.4 trillion annually through 2030 to reduce carbon emissions and prepare for future risks," Juergen Voegele said.
He noted that the World Bank allocated $43 billion to developing countries in 2023.
The World Bank's Vice President said that new instruments such as climate-resilient debt terms were introduced.
"Countries, especially small island nations, really need help when they face disasters. So far, we have agreements with 14 countries. These countries will be able to postpone or reduce debt payments if they face a disaster,” Juergen Voegele said.
