World Bank climate finance reaches record $42.6 billion in fiscal 2024

WASHINGTON (Reuters) – The World Bank Group said on Thursday it delivered a record $42.6 billion in climate finance during fiscal 2024, a 10% increase over the $38.6 billion the prior year and close to its target of a 45% share of total financing devoted to climate projects.

The $4 billion increase in climate financing during the fiscal year ended June 30 shows progress towards the bank’s goals, but is well short of the trillions of dollars in additional resources needed to finance the clean energy transition in emerging market and developing countries.