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World Bank drops climate financing targets following pressure from US

The World Bank’s Climate Change Action Plan (CCAP) was established in 2021 with an overarching aim of integrating climate adaptation and mitigation into development financing and programming.

In an update to stakeholders, the World Bank has confirmed that a goal of funnelling 45% of its annual lending resources to projects that feature “climate co-benefits” will be retired. A target of devoting 35% of lending resources to climate projects has also been dropped.

The CCAP will remain in place. The World Bank states it will continue to track and report on scorecard indicators such as net greenhouse gas emissions and beneficiaries with enhanced resilience to climate risks.

European nations had pushed for the World Bank to keep its climate targets in place, but the organisation buckled to pressure from the US – which holds the largest controlling vote in the World Bank – and pushed for it to retire its climate targets.

Last year, the FT reported that the US was pressuring the World Bank as part of a wider push to get multilateral development banks to finance more oil and gas projects……………………………………..

Edie 30th June 2026,
https://www.edie.net/world-bank-drops-climate-financing-targets-following-pressure-from-us/

July 4, 2026 - Posted by Christina Macpherson | climate change