The Action Plan for 2021-25 broadens World Bank Group efforts from investing in "green" projects to helping countries fully integrate their climate and development goals.
The Plan also comes as countries seek sustainable pathways out of the disruption caused by the covid-19 pandemic.
"Our new Action Plan will identify and prioritize action on the most impactful mitigation and adaptation opportunities, and we will drive our climate finance accordingly. This means helping the largest emitters flatten the emissions curve and helping countries achieve successful adaptation and resilience to climate change," said World Bank Group President David Malpass in a press release on Tuesday.
"We will be delivering climate finance at record levels and seeking solutions that achieve the most impact," he added.
The new Action Plan builds on the World Bank Group’s achievements under its first Climate Change Action Plan, which delivered over $83 billion in climate finance over five years, including a record $21.4 billion in 2020.