The European Investment Bank has reaffirmed its commitment to climate finance “leadership” after the World Bank was accused of bowing to US pressure by scrapping its 45 per cent climate finance target.
The World Bank announced earlier this week it was “retiring” targets for the share of its financing that delivers climate-related benefits, three years after increasing its annual climate finance target from 35 to 45 per cent. The bank said this week that its work on climate will continue to be driven by “client ambition”.
