The World Bank has approved $39.5 million in funding to help South Asia to combat climate change.
The funding will be dispersed through a new project called Climate Adaptation and Resilience for South Asia (CARE).
CARE will focus on helping the region to build resilience to climate threats and disasters through the sharing of regional data and knowledge.
Countries in the region will cooperate on developing regional standards and guidelines for infrastructure as well as in developing climate-resilient policies and investments.
The CARE project, through funding the public domain platform Regional Resilience Data and Analytics Service, will inform economies in South Asia on climate planning and investments. CARE will also assess climate impact in Bangladesh, Nepal and Pakistan and fund innovative and disruptive technologies.
Hartwig Schafer, vice president of the World Bank in South Asia, said: “Climate change and severe weather ignore national borders. Our support will foster greater regional collaboration across South Asia and equip governments with the shared knowledge and technology they need to make their people and economies more resilient to climate threats and disasters.”
The energy transition is a hot topic disrupting the utility industry in Asia and will be a key focus at Enlit Asia which takes place in Jakarta, Indonesia from 23-25 March. For more details click here.
Between 1990 and 2019, more than 1,000 climate-induced disasters in South Asia affected 1.7 billion people and caused more than $127 billion in damages. The World Bank estimates that climate change could drive 62 million people in the region into extreme poverty; floods alone could cost an estimated $215 billion annually by 2030.
The $39.5 million CARE project includes a $36 million grant from the International Development Association, the World Bank concessional fund, and $3.5 million from the Program for Asia Resilience to Climate Change.