- The World Bank Group delivered a record $38.6 billion in climate finance in fiscal year 2023 supporting efforts to end poverty on a livable planet.
- This is a 22% increase in climate finance compared to the previous year.
- Increasing the resources available to developing countries is part of the Bank’s new playbook to drive impactful development and take more risk.
- IBRD and IDA together delivered $29.4 billion in FY23 in climate finance, of which almost $12 billion specifically supported investments in adaptation and resilience.
- IFC, the private sector arm of the World Bank, delivered $7.6 billion in climate finance, representing 46% of its investment commitments for the year. IFC further mobilized $6.8 billion of private capital from other sources - making their total a record $14.4 billion in climate finance.
- MIGA, the World Bank’s political risk insurance and credit enhancement arm, delivered $1.5 billion in climate finance.
- With these results, financing for climate action in FY23—which covers July 1, 2022, to June 30, 2023—reached 41% of total World Bank Group financing of $95 billion.
For more information:
In Washington: Ferzina Banaji, (202) 372-5885, fbanaji@worldbankgroup.org