Global leaders: Global banks to help fight global climate crisis


In a move to boost the economies of the planet’s poorest nations, the World Bank is setting up a fund to help them. 

Banking for Development (BID) announced in a statement today that it will be investing $1.7 billion in developing countries in the next three years, as part of a $10 billion investment in climate-resilient cities.BID’s goal is to “strengthen resilience in cities and regions in emerging economies.” 

“We are committed to building a global network of cities and cities-wide projects that are capable of meeting the needs of the global climate and urban development,” said Paul Polman, CEO of BID. 

The BID plan also includes a $1 billion fund for infrastructure projects that will create jobs and create economic opportunities in developing nations. 

“As we move towards a climate-free future, we will need more resilient cities, more resilient infrastructure, and more resilient economies,” Polman said.

“These new investments will help sustain the momentum we’ve seen in our cities and communities to address climate change and to become climate-smart. 

A similar plan is being developed by the World Economic Forum, and is being piloted by the Bank of China. 

Global companies are also being asked to pledge $5 billion to address the problem.

The $10.5 billion fund will be used to create and support programs to help develop and sustain resilient cities.

It is aimed at supporting cities and regional economies that can help alleviate the impact of climate change. 

At the same time, BID said it will continue to support the development of climate-neutral technologies, like solar panels, and clean energy projects, including wind power, nuclear power, and hydropower.

BID will also be working with the UN and the United Nations Development Programme to ensure the development and adoption of sustainable technologies, and will work with the World Food Program to provide assistance for food security in the developing world. 

According to BID, the goal of the BID-funded initiatives is to build resilient cities that are resilient to climate change impacts and to support a growing number of developing countries, especially in Asia. 

Follow Matthew on Twitter @matthewkurzberg

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