to 3.2% in 2023. With low CO2 emissions, Africa bears the brunt of the effects of. Without adequate adaptation, up to 13.5 million people across the G5 Sahel could fall into poverty by 2050.
The UN Secretary-General has called for a surge in financing of at least $500bn per year to achieve the Sustainable Development Goals. If this scale of financing is released, it will address concerns that climate action will come at the expense of development outcomes.The World Bank was created to provide this kind of low-cost finance at scale, however, changes need to be made to reach the speed and scale required.
First, the balance sheet of the International Bank for Reconstruction and Development – the World Bank’s global development cooperative – needs to be stretched in order to increase lending. In April, the bank announced that it would boost lending capacity by $50bn over the next decade. This is only the first step.More resources are needed in quality and scale in the trillions, which will necessitate additional steps to get the most out of IBRD’s balance sheet.
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