In light of the looming entry into force of the Paris climate change agreement, the World Bank Group last week released its new Climate Change Action Plan, laying out a strategy to help countries deliver on their commitments under the agreement. “The World Bank is in a unique position to work with countries to develop the solutions that build their resilience to climate impacts, protect their people and environment, and reduce their emissions,” Laura Tuck, vice president for sustainable development at the World Bank Group, said in a press release.
The Paris Agreement, struck in December, opens for signature April 22 and will come into force when signed by at least 55 member countries to the United Nations Framework Convention on Climate Change, representing 55 percent of the world’s emissions. The U.S., China, India, and Canada have said they intend to sign the agreement on the first day possible.
Under the new action plan, World Bank will double its current contributions to global renewable energy capacity to ass 30 gigawatts of capacity and to mobilize $25 billion in private financing for clean energy by 2020, according to the plan. Further, the plan calls for a quadrupling of funding for climate resilient transportation and increased advocacy for carbon pricing.
