The Guardian reports that the U.K. will contribute 1.98 billion pounds in funding to the World Bank over three years. This 40% increase in their previous funding is a big move for climate control finance.
The World Bank is an international organization owned by 189 countries. Its purpose is to lend money to its poorer member countries to fight poverty. Its research center advises countries in areas ranging from the environment to education. It is run like a cooperative, with member countries as shareholders, and the shares are based on each country's economy.
The U.K. holds the fourth largest shares behind the United States, Japan, and Germany, respectively. This latest contribution will help with grants and loans for countries to meet the initiative outlined in the COP29 U.N. climate summit.
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No way 🙅 Developing countries were promised $1.3 trillion annually by 2035, in part, from the multilateral development banks, and richer nations have faced criticism for not putting forth enough funding to handle climate issues in these places.
With the U.K.'s current contribution, there is hope that other countries may follow suit. Adrian Lovett, U.K. executive director of the campaign group ONE, told the Guardian: "Every pound invested … helps to catalyse far more from others. We look to other countries ... to now make their pledges and complete this investment package."
The Guardian also reports that the COP29 U.N. climate summit came up with other funding ideas to help developing nations shift to a low-carbon economy and cut greenhouse gas pollution. Such ideas include taxing profits on dirty fuels, a levy on high-pollution activities like flights and shipping, a wealth tax, and redirecting subsidies from industries that overfish, waste water, and overuse dirty fuels.
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So, what can such funding do if these countries can secure it?
It can go into better infrastructure that can protect people from the effects of increasing harsh weather caused by an overheating planet and make clean energy more accessible. Places can gradually invest in renewable sources, from windmills to heat pumps to corn husks. Cases of illnesses such as asthma can go down with cleaner air indoors and outdoors.
More tax breaks and credits for individuals and companies making proper conversions to clean energy can also provide incentives. One such example is the Inflation Reduction Act in the United States.
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