World Bank commits to implementing global warming policies: Reuters
The World Bank is considering implementing new climate policies that target global warming in a meeting on Thursday, reported Reuters, citing a presentation outlining the proposed changes.
The presentation shows a five-year plan that aims to “align its financing flows with the objectives of the Paris Agreement” by July 2023, Reuters reported.
The presentation said 35 percent of the company’s financing will move towards climate policies in the next five years. However, the presentation does not include plans to stop fossil fuel funding,
The World Bank has been adopting more climate-friendly policies throughout the years as activists continue to push for an end to public funding of fossil fuel projects.
The company has not directly funded a coal-fired power plant since 2010, and coal power investments have been rare since 2013, according to Reuters.
The presentation also says that International Finance Corporation and Multilateral Investment Guarantee Agency will align 100 percent of its financing with the Paris Agreement by 2025.
The World Bank’s board must approve the plan for it to become official.
The presentation comes as President Biden on Wednesday released his infrastructure plan showing billions of dollars going to the environment with investments in electric vehicles and the nation’s electric grid.