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Press Release/05/17/2024
A recent meeting between a World Bank delegation and the Ministry of Gender, Children, and Social Protection centered on initiating a climate financing project.
The delegation presented a comprehensive overview and analysis of existing plans and mechanisms for implementing a robust climate financing program.
The World Bank, an international financial institution providing loans and grants, shared its commitment to increasing funding for climate projects. Originally targeting 35% of total financing for climate initiatives, the Bank has now raised its goal to 45% by 2025.
The idea is to unlock climate finance to support national and local economies and it will delivered under four pillars. Mainstreaming natural capital accounting into national policy & planning as well as enhancing readiness for carbon markets & results-based climate financing, are key components.
On the other hand, public climate finance involves taxpayer funds managed by governments at international, national, and sub-national levels to address climate change.
The Ministry’s team expressed interest in the World Bank’s plans and sought further details on the project. Committing to ongoing collaboration, the Ministry pledged to work closely with the Bank to ensure the project’s success. Furthermore, the Ministry is expected to designate technicians to work closely with the Bank until the project commences.
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