(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 3. The World Bank
plans to allocate more than $40 billion annually for projects to
combat climate change, said World Bank Group President Ajay Banga
at the 28th Conference of the Parties to the UN Framework
Convention on Climate Change (COP28), Trend reports.
According to him, this ambitious initiative will be implemented
starting from 2025, with financing exceeding initial expectations
by $9 billion.
Banga emphasized that the International Bank for Reconstruction
and Development and the International Development Association will
evenly allocate funds for both reducing and adapting to climate
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