The event, Key Green Transitions: How Systems Are Changing for People and Planet centered on the need to decarbonize key sectors of the economy that account for more than 90% of global greenhouse gas (GHG) emissions, including energy, transport and food systems.
The event brought together ministers, CEOs, young leaders and civil society representatives to discuss solutions and the priorities for the 2021 United Nations Climate Change Conference (COP26) in November.
Solutions are most urgently needed in developing countries, where the investment gap is deepest and people are most disproportionately affected by the climate crisis.
“To deliver impact, the [World Bank Group] will prioritize transitions and key systems, use its convening power to support a just transition out of coal, and … become aligned with the principles and goals of the Paris Agreement,” said World Bank Group President David Malpass.
Already the largest multilateral provider of climate finance for developing countries, the Bank Group will increase climate finance to 35% of overall financing under a new Climate Change Action Plan.