With over $6 billion at its disposal, the World Bank’s Climate Change Fund Management Unit is driving initiatives that provide innovative action towards reducing global warming.
Operated in conjunction with the United Nations, opportunities are created to positively impact climate change while creating employment and economic growth opportunities for member countries.
- Enabling low-carbon climate-resilient developments by creating effective partnerships
- Building regulatory and policy environments that reduce the cost of raising capital and lift some of the project barriers currently experienced
- Increasing the impact of climate action through private sector finance
By creating more resilient infrastructures, the consequences of natural disasters are reduced, and costly repairs can be avoided.
The Climate Change Fund Management Unit’s finance funds work on a three-pronged approach to reduce greenhouse gas emissions.
Firstly, the sustainable use of land and forests is funded by the Forest Carbon Partnership Facility (FCPF) and the BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFK). Funds from this initiative incentivise sustainable land usage and guide reduction of emissions from deforestation and forest degradation.
Secondly, the unit works with national policymakers in shaping climate change and energy policies to create socially transformative impacts, on a meaningful scale.
Thirdly, the Carbon Initiative for Development programs support domestic emission reduction projects. The unit also has four other climate change and environment programs that the World Bank administers.
The initiatives have so far impacted 78 countries since the first carbon fund was launched in 1999. By shifting to resilient low-carbon economies, it’s estimated that around 65 million new jobs could be created worldwide.
Is this enough to substantially affect global warming?