World Bank Could Raise Annual Climate Financing to Almost $30 Billion

World Bank President Jim Yong Kim said that WB Group could increase its annual climate-related funding by one-third.

LIMA (Sputnik) – The World Bank (WB) Group could increase its annual climate-related funding by one-third, provided that its members support the initiative aimed at reducing the impacts of global climate change, WB President Jim Yong Kim said.

The announcement was made on Friday during a private meeting on climate financing attended by ministers who gathered for the World Bank and International Monetary Fund (IMF) summit in Lima, Peru ahead of the Paris climate conference.

"As we move closer to Paris, countries have identified trillions of dollars of climate-related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge," WB President Jim Yong Kim said as quoted in a WB Friday release.

According to Jim Yong Kim, around $10.3 billion, or 21 percent of WB annual funding, is climate-related. That could go up to $16 billion (28 percent) in 2020, in response to client demand, the WB president said.

"We are committed to scaling up our support for developing countries to battle climate change," Kim stressed.

So far, 147 countries have submitted their climate action plans ahead of the Paris UN climate convention, according to the United Nations. The countries account for over 85 percent of global greenhouse gas emissions.

The top two carbon dioxide emitters in the world – China and the United States- have stated their intention to decrease their greenhouse gas emissions by at least 20 percent in the next 10-15 years.

The goal of the UN Climate Change Conference set to take place in Paris at the end of November and in December is to reach for the first time a legally binding global climate agreement.