World Bank to mobilize $10 toward climate action for every $1 received in grant money

DUBAI: For every $1 in grant money that the World Bank receives, it will mobilize $10 of its capital to invest in climate action, Makhtar Diop, managing director of the International Finance Corporation, told the World Government Summit on Monday.

“If we manage to have a bit more of investment of grant money, then we will be able to multiply investment significantly,” Diop told CNN’s Becky Anderson in a session titled “Investing in a sustainable future: the role of climate finance.”

Anderson said the climate crisis is one of the most pressing issues of our time.