United States Wbg Tender

The World Bank Group has doubled its current 5-year investments to around 200 billion in support for countries to take ambitious climate action.The new plan significantly boosts support for adaptation and resilience recognizing mounting climate change impacts on lives and livelihoods especially in the worlds poorest countries.The plan also represents significantly ramped up ambition from the World Bank Group sending an important signal to the wider global community to do the same.World Bank Group President Jim Yong Kim said Climate change is an existential threat to the worlds poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue investing and mobilizing 200 billion over five years to combat climate change.Kim further said We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer more climate-resilient future.The 200 billion across the Group is made up of approximately 100 billion in direct finance from the World Bank IBRDIDA and approximately 100 billion of combined direct finance from the International Finance Corporation IFC and the Multilateral Investment Guarantee Agency MIGA and private capital mobilized by the World Bank Group.A key priority is boosting support for climate adaptation recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events.By ramping up direct adaptation finance to reach around 50 billion over FY21-25 the World Bank will for the first time give this equal emphasis alongside investments that reduce emissions.World Bank Chief Executive Officer Kristalina Georgieva saisd People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes but also adapt to the consequences that are often most dramatic for the worlds poorest people.Georgieva also said This is why we at the World Bank commit to step up climate finance to 100 billion half of which will go to build better adapted homes schools and infrastructure and invest in climate smart agriculture sustainable water management and responsive social safety nets.The new financing will ensure that adaptation is undertaken in a systematic fashion and the World Bank will develop a new rating system to track and incentivize global progress.Actions will include supporting higher-quality forecasts early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks.In addition the expected investments will build more climate-responsive social protection systems in 40 countries and finance climate smart agriculture investments in 20 countries.IFC CEO Philippe Le Hourou said There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet. Our job is to go out and proactively find those opportunities use our de-risking tools and crowd in private sector investment. We will do much more in helping finance renewable energy green buildings climate-smart agribusiness urban transportation water and urban waste management.The new targets build on the World Bank Groups 2016 Climate Change Action Plan. In 2018 the World Bank Group provided a record-breaking 20.5 billion in finance for climate action doubling delivery from the year before the Paris Agreement and meeting its 2020 target two years ahead of schedule.The World Bank Group will continue to integrate climate considerations into its work including screening projects for climate risks and building in appropriate risk mitigation measures disclosing both gross and net greenhouse gas emissions and applying a shadow carbon price for all material investments.To increase system-wide impact for countries the World Bank Group will support the integration of climate considerations in policy planning investment design implementation and evaluation. It will also support at least 20 countries implement and update Nationally Determined Contributions and increase engagement with Ministries of Finance in the design and implementation of transformative low-carbon policies.