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🇵🇹 Portugal /Economy & Trade

World Bank abandons climate finance target under Trump administration pressure

From Público · () Portuguese

Translated from Portuguese, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • The World Bank will abandon its goal of allocating 45% of its annual lending to climate change projects.
  • The decision comes under pressure from the Trump administration, which has been critical of climate initiatives.
  • Despite the abandoned target, demand for climate-related projects remains high among developing nations.

The World Bank is set to abandon a target of dedicating 45% of its annual lending to climate change projects, a move reportedly influenced by pressure from the Trump administration. This shift signals a potential rollback of climate finance commitments from a key global institution.

Sources within the World Bank confirmed the decision, which comes despite a sustained high demand for climate-related projects from developing countries. The previous target was established to mobilize significant financial resources towards mitigating and adapting to climate change impacts worldwide.

Details regarding the specific reasons for abandoning the target and the extent of the Trump administration's involvement were not immediately clear. However, the administration has previously expressed skepticism towards international climate agreements and funding mechanisms, advocating for a reduced role for institutions like the World Bank in such initiatives.

DistantNews Editorial

Originally published by Público in Portuguese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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