in 50 years under pressure to reform a system too outdated to properly help poor nations battered by the effects of climate change.Bank outlined their efforts to refocus on climate in Marrakesh, Morocco, but change is not coming fast enough for activists and officials who fear the planet is running out of time.
The global lender has also taken measures that could increase its funding capacity by $150 billion over the next decade. "We are still at the observation round on the global financial reform that is needed for sustainable development," said Oscar Soria, campaign director at non-profit group Avaaz."We see concrete progress, and that's good, but there needs to be much more ambition," she said.
Banga said Tuesday that the bank has dramatically reduced its funding of fossil fuel projects since 2019, with only $170 million in direct funds going to natural gas projects last year out of $120 billion it committed.But German environmental group Urgewald has estimated that $3.7 billion in World Bank trade finance ended up going into oil and gas last year.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: brieflyza - 🏆 10. / 68 Read more »