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Reuters
Reuters
Business

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

FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

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.

(Reporting by David Lawder; Editing by Chris Reese)

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