Survey: 80% of asset managers, asset owners see sustainability as path for pursuing growth opportunities
A majority (80%) of asset managers and asset owners see sustainability as a path for ...
WB delivered record $43 bn in climate finance in 2024
The World Bank (WB) delivered a record $43 billion in climate finance and are channeling 45 percent of its annual financing to climate action by 2025.
To provide policy makers with strategic recommendations to tackle climate issues, the World Bank has also published Country Climate and Development Reports covering nearly 70 economies.
The World Bank Group supports countries to protect communities from climate hazards, develop early warning systems, improve access to insurance for communities and businesses threatened by climate shocks, and establish health care systems for rapid crisis response. It also helps countries prepare for the low-carbon, resilient transition, enabling them to build climate-smart economies.
Estimates from 103 countries, which make up 86 percent of the global population, show that 1.2 billion people are exposed to at least one climate-related hazard and are highly vulnerable on at least one dimension in 2021.
In Sub-Saharan Africa, around 40 percent of the population is exposed to climate shocks, and almost all of this population is considered at high risk.
Driven by very high rates of exposure to heat waves, the population of South Asia has the highest exposure to climate shocks (almost 90 percent) and around 30 percent of the population is at high risk.
As of 2024, over one-third of people in countries eligible for support from the World Bank’s IDA and more than half of those in Sub-Saharan Africa are experiencing multidimensional poverty, highlighting how persistent development challenges remain.
Poverty goes beyond a lack of income. It can also include insufficient access to education, health, electricity, or basic services such as safe drinking water or sanitation.
Today, about 700 million people—or 8.5 percent of the global population—live in extreme poverty on less than $2.15 a day. Around 3.5 billion people live on less than $6.85 a day, the poverty line more relevant for middle-income countries, which are home to three-quarters of the world’s population. Without drastic action, it could take decades to eradicate extreme poverty and more than a century to eliminate poverty as it is defined for nearly half of the world.
Earlier in December 2024, the global community came together to reaffirm their commitment to IDA, which offers concessional lending to 78 low-income countries. The 21st replenishment of IDA raised $23.7 billion to boost development for these countries for 2025-28. Thanks to IDA’s unique leveraging model, this will generate $100 billion in affordable financing to help countries spur job growth, deliver better quality health care, improve education, expand electricity access, enhance food security and nutrition, and much more.
Countries do better at enacting regulations to improve the national business climate than they do in providing the public services needed to secure actual progress. All 50 economies assessed in the World Bank’s inaugural Business Ready 2024 report had implementation gaps that are hampering their business climate. They scored an average of 65.5 for the quality of their regulatory framework, meaning that, on average, economies are nearly two-thirds of the way to being business-ready in this area. But they scored just 49.7 for their public services, indicating that they are only half as ready as they should be.
In 2024, the World Bank announced new targets and initiatives, including M300, its goal to deliver electricity to 300 million Africans by 2030 with the African Development Bank.
It also committed to scale up social protection programs for 500 million people, support countries in delivering quality, affordable health services to 1.5 billion people by 2030, and launch an ecosystem approach for agribusiness.
Other steps include new financial instruments to increase lending capacity, a new World Bank Group Guarantee Platform to boost our annual guarantee issuance to $20 billion by 2030, and a new World Bank Group Corporate Scorecard, a cornerstone of our efforts for greater efficiency, impact, and results. And to close the year, we achieved a robust IDA replenishment, which will enable life-changing investments for hundreds of millions of people in the poorest countries.
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