BAKU, Azerbaijan, December 3. The World Bank plans to allocate more than $40 billion annually for projects to combat climate change, said World Bank Group President Ajay Banga at the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), TurkicWorld reports.
According to him, this ambitious initiative will be implemented starting from 2025, with financing exceeding initial expectations by $9 billion.
Banga emphasized that the International Bank for Reconstruction and Development and the International Development Association will evenly allocate funds for both reducing and adapting to climate change.
