The World Bank Group’s focus on climate change has resulted in significant financing to support low-emissions and resilient development. Some recent highlights include:

• The World Bank Group provided a total of $11.3 billion in lending with mitigation and adaptation co-benefits in FY14. More specifically:

• The World Bank (IBRD/IDA) committed $8.8 billion, and the World Bank Group’s private sector arm, the International Finance Corporation (IFC), invested $2.5 billion in renewable energy, energy efficiency, and other climate-smart initiatives for FY14.

• The World Bank’s fund for the poorest countries, International Development Association (IDA), maintained a steady commitment to climate action, with about $5 billion committed in FY14.

• In FY14, there were 220 World Bank Group climate investment projects in over 60 countries. For the World Bank, South Asia was the largest recipient of climate-related finance ($3.7 billion), followed by Africa and the East Asia & Pacific region (both around $1.5 billion each). For IFC, 31 percent of investments were in IDA countries, while Africa, Latin America, and Europe exceeded their regional climate targets.

• The World Bank and the IFC are among the world’s largest issuers of green bonds. To date, the World Bank Treasury has issued nearly $8 billion in green bonds in 18 currencies. The IFC has issued $3.7 billion in green bonds.

To adapt to a world 2 degrees Celsius warmer, developing countries will require an estimated $75–100 billion per year over the next 40 years to build resilience to these changes, and mitigation costs are expected to be in the range of $140–175 billion per year by 2030.

Against this backdrop, global financing is not growing fast. Analysis from the Climate Policy Initiative found that global climate finance flows were around $331 billion in 2013, well below what is needed. According to the International Energy Agency, the world needs $1 trillion a year between 2012 and 2050 to finance a low-emissions transition...

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