World Bank Group Drops Climate Change Action Plan Targets - PracticalESG
The World Bank Group (WBG) is an international organization that provides significant funding to developing nations. Previously, the Group adopted financing targets under its climate action plan. These targets ensured that significant portions of funding would only be available to. . .
The World Bank Group (WBG) is an international organization that provides significant funding to developing nations. Previously, the Group adopted financing targets under its climate action plan. These targets ensured that significant portions of funding would only be available to projects with climate benefits. This week, the Group announced it’s nixing these targets, stating in apress release:“In line with our work on the scorecard, we will complete our shift from inputs to outcomes to maximize development impact. We will retire the 45% climate co-benefits target and the 35% target in the CCAP. We have done significant work in answering client demand and needs. Further progress on outcomes will continue to be driven by client ambition and enabled by the work of the Knowledge Bank, consistent with countries’ international commitments. ”The decision to remove the targets comes amid significant pressure from the United States. The current presidential administration has criticized the WGB’s targets and encouraged their removal. While the WBG is capitulating on the targets, they are keeping the Climate Change Action Plan in place. Without tangible metrics in place, it’s unclear how much less effective the action plan will be. Our members can learn more about climate in the financial services sectorhere. Interested in a membership with access to the complete range of benefits and resources?Sign up nowand take advantage of our no-risk “100-Day Promise” – during the first 100 days as an activated member,you may cancel for any reason and receive a full refund. But it will probably pay for itself before then. Members also save hours of research and reading time each week by using our filtered and curated library of ESG/sustainability resources covering over100 sustainability subject areas– updated daily with practical and credible information. Practical Guidance for Companies, Curated for Clarity. Back to all blogsThe EditorZachary Barlow is a licensed attorney. He earned his JD from the University of Mississippi and has a bachelor’s in Public Policy Leadership. He practiced law at a mid-size firm and handled a wide variety of cases. During this time he assisted in overseeing compliance of a public entity and litigated contract disputes, gaining experience both in and outside of the courtroom. Zachary currently assists the PracticalESG. com editorial team by providing research and creating content on a spectrum of ESG…View Profile