UK increases World Bank contribution, boosting climate finance prospects

“Leaders of low-income countries around the world called for stronger IDA contributions and we listened,” said Anneliese Dodds, development minister. Photograph: Thomas Krych/ZUMA Press Wire/REX/Shutterstock

The UK has increased its contribution to the World Bank, in a move that will boost prospects for climate finance.

Next week, at a meeting in Seoul of the International Development Association (IDA) – the body that funds the World Bank’s support for low-income countries – the UK will put forward £1.98bn in funding over three years, an increase of about 40% on the previous pledge.