World Bank Climate Finance: A Record $42.6 Billion in Fiscal 2024

The World Bank Group's climate finance has reached an unprecedented high of $42.6 billion in fiscal 2024, marking a significant milestone in the global effort to combat climate change. This substantial increase in funding is a testament to the World Bank's commitment to supporting developing countries in their transition to low-carbon economies and enhancing their resilience to the impacts of climate change.

Renewable energy projects have been a significant focus of World Bank climate finance in recent years. In fiscal 2024, the World Bank allocated $12.5 billion to renewable energy projects, compared to $9.8 billion in the previous year. This increase reflects the growing demand for clean energy and the World Bank's commitment to supporting the transition to a low-carbon economy.

The World Bank's record climate finance in fiscal 2024 is a significant step forward in the global effort to combat climate change. However, more needs to be done to ensure that all countries have access to the resources they need to adapt and mitigate climate change. The World Bank's continued commitment to supporting developing countries in their climate action efforts is essential for achieving a more sustainable and resilient future.