World Bank Extends Climate Plan, Drops 45% Lending Target
The World Bank is extending its Climate Change Action Plan but will abandon the target of allocating 45% of lending to climate projects, instead prioritizing development outcomes.
The World Bank announced it will extend its Climate Change Action Plan while dropping the previous target of devoting 45% of lending to climate-related projects. The institution said it is shifting its focus from specific lending targets to maximizing overall development impact.
An independent evaluation will assess the effectiveness of the Climate Change Action Plan, signaling a more outcome-oriented approach rather than a rigid allocation benchmark.
Source: First Squawk