World Bank abandons climate funding targets

The world Bank Group has abandoned its commitment to direct 45% of its annual lending toward climate co-benefits.

For years, the bank directed a specific portion of its funding toward projects that tackle environmental issues.

These projects include but are not limited to: building wind farms or solar panels instead of coal plants and helping countries survive droughts, floods and extreme weathers.

However, in a statement issued in late June, that benchmark, which was previously 35%, has now been removed.