The World Bank has unveiled its ambitious plan to support renewable energy development and fulfil its pledge under the Paris Agreement.
The plan is designed to scale up clean energy projects in developing countries and the Bank is aiming to double its current contributions to global energy capacity by adding 30 GW.
The plan also covers green transport, climate-smart agriculture, and urban resilience.
This 30 GW total is enough to power 150 million homes, bring early warning systems to 100 million people, and develop climate-smart agriculture investment plans for an estimated 40 countries.
The Climate Change Action Plan aims to accelerate efforts to tackle climate change over the next five years and will help developing nations deliver on their national climate plans submitted for the historic climate agreement reached at COP21 in Paris in December.
The plan also includes efforts to mobilise $250 billion in private funding for clean energy for 2020.
The Bank is also aiming to increase climate financing to $29 billion annually by 2020.
World Bank Group President Jim Yong Kim (pictured): “Following the Paris climate agreement, we must now take bold action to protect our planet for future generations… We are 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. Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them.”
According to a press announcement, the Bank will also help “green” the financial sector through a coordinated approach across banking, pensions and capital markets to implement changes nationally and globally.