The World Bank announced its plan yesterday to help developing countries add 30 gigawatts of renewable energy to the world's energy capacity and to mobilise US$25 billion (about RM98 billion) in private financing for clean energy by 2020, China's Xinhua news agency reported.

The Climate Change Action Plan, released by the Washington-based lender yesterday, is designed to help countries meet their Paris COP21 pledges and manage increasing climate impacts.

Under the plan, the World Bank will quadruple funding for climate-resilient transport, integrate climate into urban planning through the Global Platform for Sustainable Cities, and boost assistance for sustainable forest and fisheries management.

According to the World Bank, climate change threatens to drive 100 million more people into poverty in the next 15 years.

In addition to the World Bank's efforts, the International Finance Corporation, a member of the World Bank Group, aims to expand its climate investments from the current US$2.2 billion a year to a goal of US$3.5 billion a year, and lead on leveraging an additional US$13 billion a year in private sector financing by 2020.

"Following the Paris climate agreement, we must now take bold action to protect our planet for future generations," said World Bank group president Jim Yong Kim.

“We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, livable cities for growing urban populations."

- Bernama