World Bank drops climate finance targets in renewed action plan
The World Bank on June 29 extended its climate change policy framework indefinitely, but dropped its targets for the percentage of financing that must have climate-related impacts, according to a statement.
"We will complete our shift from inputs to outcomes to maximize development impact," said a World Bank Group statement.
"We will retire the 45-percent climate co-benefits target and the 35-percent target in the (Climate Change Action Plan)," it said.
The United States, the World Bank's largest shareholder, has abruptly changed policy on climate change under President Donald Trump, who has called it a "hoax" and ramped up spending on fossil fuels.
