World Bank boosts target for climate-friendly financing to 35% over five years

WASHINGTON (Reuters) – The World Bank on Wednesday said it was setting a new five-year target for 35% of its financing, on average, to have climate “co-benefits,” up from a 28% target for the previous five-year period ended in 2020.

The multilateral development lender also said half of the climate-related financing would be done by its main units – the International Bank for Reconstruction and Development and the International Development Association – and would be aimed at supporting climate adaptation and resilience projects.