Search Site

Trends banner

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

World Bank boosts climate financing by 10 percent

The World Bank Group headquarters building in Washington, DC, on April 9, 2023.. AFP
  • In December, the Bank committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent
  • This figure included lending, along with other financial instruments such as grants and guarantees, a World Bank official told AFP by email

Washington, United States – The World Bank announced Thursday that it delivered a record $42.6 billion in climate change financing in the last financial year, up 10 percent from a year earlier.

The development lender has looked to boost its climate financing commitment under new president Ajay Banga, who took over last year on a pledge to reform the 80-year-old Washington-based institution.

In December, the Bank committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent starting in the fiscal 2025 year, which began in July.

But it came close to that objective this fiscal year, announcing in a statement on Thursday that around 44 percent of the World Bank Group’s total financing of $97 billion had a climate financing component.

This figure included lending, along with other financial instruments such as grants and guarantees, a World Bank official told AFP by email.

That financing assisted in “supporting efforts to end poverty on a livable planet, investing in cleaner energy, more resilient communities, and stronger economies,” the Bank said, adding: “there is more to do.”

The largest contributors were the International Development Association (IDA), the bank’s concessional lending arm, and the International Bank for Reconstruction and Development (IBRD), which together delivered $31 billion, the World Bank said.