The World Bank is doubling its current five-year investments in support to around $200 billion for countries to take ambitious climate action, a move which the bank said represents significantly ramped up ambition and sends an important signal to the global community to do the same. The bank said climate change is an existential threat to the world's poorest and most vulnerable. "These new targets demonstrate how seriously we are taking this issue, investing and mobilising $200 billion over five years to combat climate change," World Bank Group president, Jim Yong Kim said. The bank made the announcement on the second day of the COP24 (UN Framework Convention on Climate Change 24th Conference of the Parties) conference in Katowice, Poland, where governments met to agree an implementation plan for the Paris agreement, which binds countries to hold global warming to no more than 2C above pre-industrial levels, with an aspiration of a 1.5C limit.
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