17.12.2018

During the session, the Presidencies of this and last years’ UN Climate Change Conferences (COP24 and COP23) issued the ‘Talanoa Call for Action’ which calls for the mobilisation of societal actors to step up their efforts to meeting the global climate goals agreed in Paris in 2015.

Financing the climate targets

Various financial announcements have been made since the beginning of COP 24, including by the World Bank, multilateral development banks, and the private sector. However, UN General Secretary Guterres urged developed nations to “scale up their contributions to jointly mobilise USD 100 billion annually by 2020”, as laid out three years ago in Paris.
 
The World Bank announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around USD 200 billion in support for countries to take ambitious climate action. The new plan boosts support for adaptation and resilience, recognising how mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries.