World Bank drops climate funding target, raising fears for Africa

Flooded streets in Katesh, Tanzania, on 3 December 2023. More than a third of the World Bank's climate lending last year went to projects in Africa. AP

The World Bank has abandoned its target of directing 45 percent of its financing to projects that help tackle climate change, prompting warnings that poorer countries – especially in Africa – could receive less support to adapt to a warming world.

The bank's five-year Climate Change Action Plan expired on Tuesday. Last year it put 48 percent of its lending – worth $51 billion – into projects with climate benefits, surpassing its original 45 percent target.