News

World Bank Reports on Climate Sector Lending

22 April 2011: The World Bank has reported that it closed its 2010 fiscal year (FY) with an all-time record in renewable energy and energy efficiency financing, as well as a new record in the Bank Group's low-carbon financing.

The Bank reported a 62% increase in low-carbon commitments, to US$5.5 billion, compared to FY 2009, while low-carbon energy financing accounted for 42% of the all FY 2010 energy commitments. Additionally, 30 out of 34 country assistance and partnership strategies prepared in FY 2010 address climate change. In addition, the World Bank Group has made a commitment to reduce the impacts from its daily operations through a comprehensive programme to measure, manage, reduce and report on greenhouse gas (GHG) emissions.

Regarding carbon markets, the World Bank's carbon funds and facilities have supported 250 projects during the last decade, through the purchase of carbon credits representing a monitored GHG emission reduction of nearly 141 million tons. In less than three years since their July 2008 inception, the Climate Investment Funds (CIFs) are playing a key role in meeting international objectives regarding climate change, with activities in 45 countries through 38 country and regional pilots. The World Bank-facilitated Forest Carbon Partnership Facility (FCPF) has also mobilized US$165 million for capacity-building and performance-based payments to pilot projects that aim to open financial flows for activities related to forest and land management. [World Bank Press Release]