We’ll no doubt get plenty more of this brainwashing language of climate-speak in the years ahead. How expensive energy is going to help poorer countries is, unsurprisingly, not mentioned.
The World Bank has announced a new plan which it hopes will succeed in keeping up positive momentum towards a clean energy transformation as laid down in COP21.
The group has launched a new Climate Change Action Plan in a bid to help developing countries to add 30 GW of global renewable capacity by 2020, simultaneously helping countries meet their Paris COP21 pledges and address increasing climate impacts.
As part of this effort, the bank plans to provide $25bn in private financing for clean energy by the end of the decade.
World Bank Group president Jim Yong Kim said the bank is moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, liveable cities for growing urban populations.
Special teams will also be created to work with countries to generate a pipeline of bankable projects.
World Bank Group member International Finance Corporation (IFC) is planning to increase its climate investments from the current $2.2bn a year to $3.5bn a year in grid-connected renewable energy, green buildings, industrial/commercial energy efficiency, and climate-smart urban infrastructure.