UK boosts World Bank funding by 40% to enhance climate finance for low-income countries

The UK has announced a £1.98 billion contribution to the World Bank over three years, marking a 40% increase from its previous pledge. This funding aims to enhance climate finance for low-income countries. The announcement comes ahead of a meeting in Seoul of the International Development Association, which supports the World Bank's efforts. The UK government emphasized its commitment to global partnerships in development. This funding is part of a broader effort to address climate finance needs highlighted at the recent Cop29 UN climate summit. Developed countries agreed to provide $300 billion of the $1.3 trillion needed annually by 2035 for developing nations.