The World Bank has announced it delivered a record $42.6 billion in climate finance during the 2024-25 fiscal year, a 10% increase over the $38.6 billion the prior year.
The $4 billion increase in climate financing demonstrates the push for such initiatives driven by the bank’s president, Ajay Banga, who took over last year on a pledge to reform the 80-year-old Washington-based institution.
During the past year, the International Bank for Reconstruction and Development and the International Development Association delivered a combined $31 billion in climate finance, of which $10.3 billion supported investments in adaptation and resilience.
The International Finance Corp provided $9.1 billion in long-term climate finance, while the Multilateral Investment Guarantee Agency delivered $2.5 billion for such initiatives for the fiscal year.
Banga aims to deliver an additional $10 billion to $12 billion in annual lending capacity over 10 years to help tackle climate change and other global crises. In December of last year, the World Bank pledged to devote 45% of its total lending for fiscal 2025 to support climate adaptation and mitigation measures.
In the 2024 fiscal year, the World Bank Group’s total financing was $97 billion, 44% of which were funds dedicated to climate projects.
