World Bank President Ajay Banga announced on Friday at COP28 that the development bank will allocate 45 percent of its annual financing to climate-related projects by 2025. The bank had previously aimed for a share of 35 percent. „We are stepping up and deploying more than 40 billion dollars per year – about 9 billion dollars more than the original target,“ said Banga. The funds will be evenly distributed between emissions reduction measures and projects for climate adaptation.