The World Bank aims to raise $150 billion for climate projects.

The World Bank has announced an ambitious plan to allocate $150 billion for climate projects over the next 10 years.

This was reported by Jürgen Vogel, the bank's vice president for sustainable development, while speaking at the COP29 conference in Baku.

According to experts, developing countries need to attract $2.4 trillion annually by 2030 to effectively reduce CO2 emissions and adapt to climate challenges. “Given the difficult times for countries, people, economies, and companies, we must act immediately,” Vogel emphasized.

Last year, the bank already directed $43 billion to support developing countries, making it one of the largest climate investments among international funds. The institution has also introduced innovative financial instruments, including climate-resilient debt obligations. Such agreements have been signed with 14 countries, allowing them to restructure their debts in the event of natural disasters, which is particularly relevant for small island nations.

Background. Earlier, Mind prepared the second part of the material “How COP29 is Turning into a Gathering of Climate Procrastinators.”