18. World Bank

Abstract

Addressing climate change continued to be a top priority of the World Bank Group (WBG), and the World Bank’s Environmental and International Law Unit (LEGEN) was heavily involved in providing legal support to a range of climate-related matters. 2014 was the strongest year on record for renewable energy lending, and the WBG’s total climate investments (with more than 200 climate investment projects in over sixty countries) increased to almost US $11.3 billion, the bulk of finance going to climate-friendly investments in energy, transportation, and agriculture. The World Bank has been instrumental in further developing the global green bond market through issuance of green bonds that support projects that meet certain low carbon and climate-resilience eligibility criteria. In addition to its regular lending, bond issuance, and investment activities, the WBG continued to pilot and test new climate and carbon finance initiatives that provide a forum for countries to develop, discuss, and implement carbon pricing tools and policies (Partnership for Market Readiness), to help least developed countries access carbon finance (Carbon Initiative for Development), and to explore the use of the World Bank’s bond issuance platform to auction ‘put option’ bonds to climate project developers and investors worldwide (Pilot Auction Facility). Furthermore, the World Bank continued to act as trustee and implementing entity/agency of the Global Environment Facility (GEF), the Adaptation Fund, and the Climate Investment Funds (CIFs).