The International Bank for Reconstruction and Development and International Development Association (World Bank) is an international organization with a strong global presence and mandate to reduce poverty by promoting sustainable economic development. World Bank works in partnership with developing countries through national governments in order to support the coordinated delivery of its projects and programmes in various sectors and through the use of various financial instruments, including grants, loans and guarantees. Over the past few years, World Bank has provided over US$ 30 billion in finance for climate change related activities globally. It is engaged in climate change mitigation across all sectors and regions. Its work in mitigation covers renewable energy generation, energy efficiency and access, forestry and sustainable transport projects and programmes. In addition, it has supported the least developed countries, small island developing States and other vulnerable countries in climate change adaptation by financing projects in disaster risk reduction and ecosystem services in sectors such as fisheries and water resources management. Bringing with it its experience in climate change mitigation and adaptation programming, and utilizing its knowledge and delivery infrastructure to enhance direct access to climate finance by developing countries, World Bank sought accreditation to the GCF.
Environmental and social risk category
- Category C
- Category B
- Category A
- Intermediation 3
- Intermediation 2
- Intermediation 1
- Project management
- Grant award
News + Stories
GCF and World Bank sign renewable energy project agreement
17 Mar 2023 / GCF and the World Bank have signed an instrumental legal agreement to rapidly begin implementing the second phase of a renewable energy facility. It will support nine countries in meeting their NDC commitments while increasing access to electricity for the most vulnerable populations. The mitigation/adaptation cross-cutting Facility aims to also increase the reliability of the grid infrastructure, improving the country’s economic resilience, and the resilience of vulnerable households to better adapt to the devastating impacts of climate change.
GCF signs partner agreements hours after Board approval
20 Mar 2021 / The Green Climate Fund (GCF) and its partners have signed implementation agreements for two new climate finance projects only hours after they were approved by the GCF Board. The signing of the Funded Activity Agreements (FAAs) in the margins of last week’s B.28 Board meeting lays the detailed groundwork to roll out a multi-country, USD 1.6 billion finance facility to boost renewable energy as well as GCF’s first project in the Federated States of Micronesia (FSM).
Green Climate Fund and its partners launch the Alliance for Hydromet Development
10 Dec 2019 / Twelve international organisations providing assistance to developing countries came together at COP25 today to launch the Alliance for Hydromet Development. As a founding member, the Green Climate Fund (GCF) joined the Alliance to unite efforts to close the capacity gap on early warnings and climate information by 2030.
GCF and World Bank partner to boost cookstove market in Bangladesh
26 Aug 2019 / The Green Climate Fund (GCF) and the World Bank have signed an agreement that will help expand the market for improved cookstoves in Bangladesh, bringing together a number of climate and health benefits. The signing of the Funded Activity Agreement (FAA), which guide the implementation of approved GCF projects, marks a key milestone for the Global Clean Cooking Programme – Bangladesh initiative designed to reduce greenhouse gas emissions and deforestation, while also lessening health risks for Bangladesh people.
GCF and World Bank kick off hydropower project in Solomon Islands
02 Aug 2019 / The Green Climate Fund (GCF) and the World Bank have signed an agreement to implement the Tina River Hydropower Development Project to help the Solomon Islands transition from diesel-generated to clean, renewable energy. The signing of the Funded Activity Agreement (FAA) enables GCF to begin transferring USD 86 million in climate financing to the World Bank for this USD 234 million project which is expected to provide a clean and reliable source of electricity in the capital, Honiara, by 2024.
Green Climate Fund and World Bank partnership unlocks USD 2.7 billion for climate action, Marshall Islands first to benefit with USD 44M project
04 Feb 2019 / GCF and World Bank welcomed an agreement that will allow projects worth USD 2,694 million in climate finance to be advanced in ten countries.
GCF supports Indonesia's energy transition with de-risking geothermal development
24 Jan 2019 / GCF's Indonesia geothermal project is at the heart of Indonesia's energy transition drive and promises to improve the share of renewables which currently accounts for 12.5 percent of the country's electricity generation.