The World Bank has unveiled 200 billion US Dollars in climate action investment for 2021 to 2025, adding that this amounts to a doubling of its current five-year funding. The move coincides with a UN climate summit in Katowice.

In a statement, the World Bank said, the move represents a significantly ramped up ambition to tackle climate change and sends an important signal to the wider global community to do the same.

The statement said the breakdown of 200 billion dollars would comprise approximately 100 billion in direct finance from the World Bank. Around one-third of the remaining funding will come from two World Bank Group agencies with the rest private capital mobilised by the World Bank Group.

World Bank senior director for climate change, John Roome said, if the emissions are not reduced, 100 million more people will be living in poverty by 2030.