According to the World Bank, it has distributed $31.7 billion in climate finance for its fiscal year 2022.
This, it claimed, represents a 19% rise over the $26.6 billion it reported during its most recent fiscal year. It states that lending for climate-related investments achieved 36%, or $31.7 billion, exceeding the revised climate finance objective of 35% set forth in the 2021–2025 World Bank Group Climate Change Action Plan.
Nigeria received $700 million from the $31.7 billion that was given to the Agro-Climatic Resilience in Semi-Arid Landscapes Project, which aims to create 20 watershed management plans for the whole northern region of the country.
According to the bank, Nigeria is experiencing significant water scarcity, which could cost the nation nearly 30% of its GDP by 2050.
According to the world bank, climate change is harming the livelihoods of millions of households, deteriorating food security, threatening livelihoods, and raising the possibility of violent conflict.
According to the World Bank, 2022 is expected to be among the ten warmest years ever recorded, and the effects of the climate threaten to drive millions of people into poverty.
It declared its commitment to helping Nigeria and other developing nations reduce their greenhouse gas emissions and build their capacity to withstand the effects of climate change while simultaneously addressing their top development priorities.
- Tags: #disburses, #worldbank, Nigeria
