The World Bank Group’s new Action Plan on Adaptation and Resilience is important and timely. It lays out a strategy to boost our efforts on adaptation and resilience, with three areas of focus:

First, through our two funds for low-income and middle-income countries (IDA and IBRD), we will boost direct adaptation financing to $50 billion over FY21-25, more than double what was achieved during FY15-18. This puts adaptation finance on par with our investments in climate change mitigation.

Second, we will support countries to take a mainstreamed approach to adaptation so that climate risks are managed at every phase of policy planning, investment design, and implementation.

Third, we will develop a new rating system to incentivize investments in adaptation and resilience, and improve tracking.