The World Bank has scrapped its headline climate finance target under pressure from the Trump administration, but experts believe the survival of its wider climate programme should preserve support for clean energy and resilience in developing nations.
Following tense negotiations between its government shareholders, the global lender announced this week it would extend its Climate Change Action Plan (CCAP) while "retiring" its commitment to direct 45% of its financing to projects with climate benefits - a target it has already met.
“It could have been a lot worse,” said Danny Scull, a senior policy advisor at think-tank E3G. “I would have loved to see the most ambitious outcome possible, but it is far less likely we’ll see a scenario where the bank all of a sudden reverses its current trajectory and starts delivering less on climate,” he added.
Introduced in 2021, the CCAP has been credited with overhauling the World Bank's approach to climate finance after years of criticism over the development finance institution's lukewar
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