Between 2016 and 2020, World Bank Group said its institutions, including the International Finance Corp and the Multilateral Investment Guarantee Agency, provided over $83 billion in climate-related finance to developing countries. The World Bank said on Wednesday it was setting a new five-year target for 35% of its financing, on average, to have climate “co-benefits”, up from a 28% target for the previous five-year period ended in 2020. Half of the climate-related financing would be done by its main units - the International Bank for Reconstruction and Development and the International Development Association - and would be aimed at supporting climate adaptation and resilience projects.

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