World Bank unveils US $200 billion in climate action investment

World Bank has unveiled US $200 billion in climate action investment for 2021 to 2025 to fight the impact of climate change.

• The move coincides with Conference of Parties-24 (COP24) United Nations Climate Summit in Katowice, Poland.
• The breakdown of US $200 billion will comprise approximately 100 billion in direct finance from World Bank.
• Around one-third of remaining funding will come from two World Bank Group agencies and rest will be private capital mobilised by the World Bank Group.

Interesting to know:

• This US $200 billion in climate action investment, amounts to World Bank's doubling of its current five-year funding.
• It also represents significantly ramped up ambition of World Bank to tackle climate change and sends an important signal to the wider global community to do the same.
• This amounts is also double of World Bank's earlier commitment for its current five-year funding.

About World Bank:

• It is an international financial institution that provides loans to countries of the world for capital projects.
• Its official goal is reduction of poverty by providing loans to developing countries for capital programmes.
• It is one of the five institutions created at the Breton Woods Conference in 1944. 
• Its headquarter is situated at Washington DC, US.
• World Bank is a part of United Nations system, but its governance structure is different.

Question:

Q. Which bank has unveiled US $200 billion in climate action investment for 2021 to 2025 to fight the impact of climate change?
a. International Monetary Fund
b. Global Development Bank
c. World Bank
d. None of the above