World Bank to increase climate project spending

The World Bank plans to increase its annual spending on climate-related projects to 45% of its financing from 2024 to 2025, up from the current 35%. This policy overhaul, led by new president Ajay Banga, will allocate $40 billion, $9 billion more than previously planned, to address climate change and hunger. The bank aims to expand programs and boost lending power. (Words: 65)