The World Bank Group provided a record US $31.7 billion in fiscal 2022 to help countries cope with climate change, a 19% increase over the previous fiscal year's all-time high of US $26.6 billion in climate finance. The World Bank Group remains the largest multilateral provider of financing for climate action in developing countries.

"In the fiscal year ending June 2022, we provided a record $31.7 billion to identify and implement high priority climate-related projects in national development plans," said David Malpass, President of the World Bank Group. Going forward, we will continue to provide multiple solutions that pool global funding to support high-impact, scalable projects that reduce greenhouse gas emissions, increase resilience and promote private sector engagement in climate action."

In fiscal 2022 (1 July 2021 to 30 June 2022), climate action finance accounted for 36% of the World Bank Group's total financing, exceeding the target of 35% of funding to support climate action set out in the World Bank Group's Climate Change Action Plan 2021-25.

IBRD and IDA provided a total of $26.2 billion in climate finance in FY2022, of which nearly half ($12.9 billion) specifically supported investments in climate adaptation and resilience. The IFC, the Bank Group arm focused on private sector development, also provided an unprecedented $4.4 billion in climate finance and mobilized an additional $3.3 billion from other sources. MIGA, the Bank Group's political risk insurance and credit enhancement arm, also provided $1.1 billion in climate finance.

The World Bank Group is helping countries integrate climate and development goals. As part of this work, the World Bank Group recently released Climate and Development Reports (CCDRS) for a number of countries. This is a new core diagnostic analysis to help countries identify priority actions that will most effectively reduce greenhouse gas emissions and promote climate adaptation. An overview of the preliminary conclusions of these reports will be released in the coming months to facilitate action-oriented discussions in the international community.