World Bank will abandon 45% target for climate change resources

The World Bank announced this Monday (29) that it will "withdraw" its previous target of allocating 45% of its annual credit resources to projects with collateral benefits for the climate, but will extend its long-standing Climate Change Action Plan, which was due to expire this Tuesday (29).

The development bank, which was being pressured by the Trump administration to abandon the climate financing target adopted during the Biden administration in 2023, said in a statement that it will complete the transition to a model focused on financing results, rather than targets based on investments or resources applied.

Source: CNN