World Bank Annual Meeting

World Bank should be more active in fighting climate change

Logo World Bank Annual Meeting Lima 2015

Press release of 08.10.2015 |

Lima – Speaking at this year's annual meeting of the World Bank, Thomas Silberhorn called on the Bank to considerably ramp up its involvement in action to protect the climate.

Silberhorn, who is Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development, said: "It is the developing countries in particular which suffer the consequences of climate change such as droughts, flooding and air pollution. Climate change is one of the most serious threats worldwide to sustainable development. Therefore we call on the World Bank to massively increase its involvement in climate action. By 2020, the Bank should have increased the number of climate protection projects that it is implementing by 50 per cent."

Following the United Nations' summit on Sustainable Development Goals three weeks ago, the topic now at the World Bank's annual meeting is how to implement these new sustainability goals. With an eye toward the forthcoming World Climate Conference in Paris, climate financing is one of the main topics at the World Bank meeting. In May this year, the German government committed itself to doubling its climate funding by 2020, to four billion euros a year.

Commenting on Germany's decision, Silberhorn said, "Announcing our commitment so early has paid off. It has given other donors a push also to raise their funding. With the commitments made at the World Bank meeting, we are making great strides towards the aims of the Paris climate conference. The latest report on the current level of climate funding is proof: the glass is more than half full! If we in the global community continue on the course we have set, we shall reach the goal of making available 100 billion US dollars annually for international climate measures from the year 2020 onwards." 

Germany is also using the World Bank annual meeting to advance the climate initiatives launched at the G7 Summit it hosted in Elmau in June this year. The new climate insurance initiative, for example, is intended to provide insurance by 2020 to a further 400 million people living in the most vulnerable developing countries in order to protect them against livelihood-threatening incidents such as flood damage and crop failures. There is also a joint initiative with the African Union which is heralding a new energy era in Africa. The aim of that initiative is to transform power generation so that, by 2020, 10 gigawatts will come from renewable energy sources. This 'green' source of electricity could replace ten large coal-fired power stations.

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