The World Bank will invest heavily in clean energy and only fund coal projects in “circumstances of extreme need” because climate change will undermine efforts to eliminate extreme poverty, says its president Jim Yong Kim.
Talking ahead of a UN climate summit in Peru next month, Kim said he was alarmed by World Bank-commissioned research from the Potsdam Institute for Climate Impact Research in Germany, which said that as a result of past greenhouse gas emissions the world is condemned to unprecedented weather events.
“The findings are alarming. As the planet warms further, heatwaves and other weather extremes, which today we call once-in-a-century events, would become the new climate normal, a frightening world of increased risk and instability. The consequences for development would be severe, as crop yields decline, water resources shift, communicable diseases move into new geographical ranges, and sea levels rise,” he said.