SOURCE: The Guardian

The World Bank has made a “fundamental shift” in its role in global poverty reduction by refocusing its financing efforts on combating climate change, the group said Thursday.

The world’s largest provider of public finance to developing countries said it would allocate 28% of its investments directly to climate change-related projects, and that all of its future spending would take global warming into account.

At last year’s landmark climate change conference in Paris, the The World Bank and its associated development banks became the linchpins of financial aid to the poor world, to enable countries to reduce greenhouse gas emissions and adapt to the effects of global warming.

“After the Paris climate agreement We must now take bold steps to protect our planet for future generations,” said Jim Yong Kim, president of the World Bank Group. “We are moving with urgency to help countries make important transitions to increase renewable energy sources, decrease carbon-intensive energy sources, develop green transportation systems, and build sustainable and livable cities for growing urban populations. Developing countries want our help in implementing their national climate plans, and we will do everything we can to help them.”