At the One Planet Summit in France the World Bank Group “made a number of new announcements in line with its ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals.”
The announcements include:
1. WBG and upstream oil and gas
The World Bank Group will no longer finance upstream oil and gas, after 2019.
2. Ramping up WBG climate ambition through its Climate Change Action Plan
The WBG is on track to meet its target of 28% of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan – developed following the Paris Agreement.
3. Transparency and disclosure to drive our own decarbonization
I) Starting next year, the World Bank Group will report greenhouse gas emissions from the investment projects it finances in key emissions-producing sectors, such as energy. The results will be published in late 2018, and annually thereafter
II) The World Bank will be applying a shadow price on carbon in the economic analysis of all IBRD/IDA projects in key high-emitting sectors where design has begun since July 2017. IFC started using carbon pricing in key sectors in January 2017 and will mainstream the same starting January 2018.
4. Mobilizing Finance for transformation in mitigation and climate resilience
The World Bank announced six initiatives, including investment in the Green Cornerstone Bond Fund, a development policy loan to Egypt and investments in a number of emerging markets – including Ethiopia, Pakistan, Senegal – as well as regional and global investment programs, such as the AXA Managed Co-Lending Portfolio Program (MCPP) and the Finland-IFC Climate Change Program.
5. Working in Partnership
The World Bank Group announced a number of partnerships “to further accelerate climate action,” including cooperation with multilateral development banks as well as initiatives with Canada, the Caribbean, Fiji, France, Germany, Morocco and the United Kingdom.
You may read the press release on the World Bank Group internet site.