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The World Bank says the 2020 Joint Report on Multilateral Development Banks’ Climate Finance indicates that climate finance to low- and middle-income economies, such as those in the Caribbean, rose to US$38 billion.

In addition the Washington-based financial institution said US$28 billion was committed to high-income countries which are committed by major multilateral development banks (MDBs) focused on developed countries.

The World Bank Group (WBG) accounts for more than half of this climate finance for developing countries, including the Caribbean, and over two-thirds of climate adaptation finance.

The report states that, over the last five years, the WBG delivered over US$83 billion in climate finance, including a record US$21.4 billion in 2020.

Results included over 48 projects in low-carbon and renewable energy to help businesses and communities thrive; as well as support to countries to mitigate disaster risks and build resilience in people, infrastructure and economies.

Through its new Climate Change Action Plan 2021-25, the World Bank said it will broaden efforts from investing in “green” projects to helping countries fully integrate their climate and development goals.

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