15 January 2019: The World Bank Group has launched an action plan on climate change adaptation and resilience, under which it will increase direct adaptation climate finance to USD 50 billion over 2021-2025. Outlined in a publication titled, ‘Action Plan on Climate Change Adaptation and Resilience: Managing Risks for a More Resilient Future,’ the Plan provides for an average of USD 10 billion a year during the five-year period, which is more than double what was achieved in 2015-2018.

World Bank CEO, Kristalina Georgieva, emphasized that the Plan will ensure that, for the first time, climate adaptation and resilience are placed on equal footing with investment in mitigation and low-carbon efforts.

The Action Plan envisions that adaptation financing will support, inter alia:

• delivery of higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in at least 30 countries for climate risks;
• 100 river basins with climate-informed management plans and/or improved river basin management governance;
• more climate-responsive social protection systems; and
• efforts in at least 20 countries to respond early to, and recover faster from, climate and disaster shocks through additional financial protection instruments.

The Action Plan provides for new approaches to increase private finance for adaptation and resilience, and help countries mainstream approaches to manage climate risks in policy planning, investment design and implementation.

The Plan will ensure that adaptation and resilience are placed on equal footing with investment in mitigation.

The Action Plan also includes the development of a new rating system to: promote public and private sector investments in adaptation; create incentives for donors and countries to improve adaptation; more effectively report on what the Bank and clients are doing; and establish a global standard for financial markets and public procurement.

In addition, the Action Plan builds on the adaptation-sustainable development link by promoting effective and early actions that also ensure positive development outcomes and help realize the SDGs. For example, investing in mangrove replanting may protect a local community against sea-level rise and storm surges, while also creating new opportunities for eco-tourism and fisheries.

The Action Plan is part of the World Bank Group’s 2025 Targets to Step Up Climate Action, which were launched in December 2018, during the Katowice Climate Change Conference in Poland. The World Bank will pilot the system in 2019-2020, and roll it out to projects in relevant sectors by 2021. [Publication: Action Plan on Climate Change Adaptation and Resilience: Managing Risks for a More Resilient Future] [World Bank Press Release] [World Bank 2025 Targets to Step Up Climate Action]