By J C Suresh | IDN-InDepthNews Report
WASHINGTON (IDN) – Trillions, not billions, are required to transition to a low carbon and resilient economy and to prevent more than 100 million people, particularly in Africa and South Asia, being pushed back into poverty over the next 15 years, says the World Bank.
The World Bank Group has committed to increasing the share of its portfolio devoted to climate finance, from the current 21 percent, to 28 percent, over the next five years. “When including financing generated from other partners and associated private sector financing, such financing would amount to a potential $29 billion a year by 2020.”