World Bank
FY23 Climate-Related
Financial Disclosures

Contents
Abbreviations and Acronyms. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 31. INTRODUCTION. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 42. GOVERNANCE. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 7IBRD’s and IDA’s Governance and Oversight Around Climate-Related Risks and Opportunities . .  .  . 8Governance Over Climate and Sustainability Reporting . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 8

3. STRATEGY. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 9Overview of the World Bank’s Climate Change Strategy. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 9Implementation of World Bank Group CCAP 2021–2025 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
How the World Bank is Harnessing Climate-Related Opportunities . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 13
Strategic Approach to Corporate Sustainability. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17

4. RISK MANAGEMENT. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 19
Management of IBRD’s and IDA’s Risks and Integration of Climate Risks. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 19
Management of Climate-Related Financial and Operational Risks. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 20
Management of Development-Outcome Risk . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 21

5. METRICS AND TARGETS . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23
Metrics for World Bank Operational Activities and Advisory Services in FY23. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23
Metrics for World Bank Corporate Activities . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 27
Targets for the World Bank Corporate Activities. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 29

Looking Ahead. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 31
Disclaimer. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 32

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FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

TablesTable 1: Scope 1, 2, and 3 GHG Emissions (tCO2eq). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 28
Table 2: Emission Intensities. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 28
Table 3: World Bank Energy Intensity (Gigajoules per Cubic Meter). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 29

FiguresFigure 1: Governance Structure . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 7Figure 2: CCDRs Status and Countries. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
Figure 3: World Bank Green Financial Sector Programs, Engagements and Selected Examples. .  .  .  .  . 14
Figure 4: Financial and Operational Risk Management Structure. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 20
Figure 5: Overview of World Bank Climate Financing. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 25
Figure 6: Overview of IBRD and IDA Climate Financing. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 25
Figure 7: Share of World Bank (IBRD/IDA) Projects with Climate Financing . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 26
Figure 8: Climate Finance Committed in FY23 by Income Group. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 26

Boxes
Box 1: Journey of World Bank’s Climate-Related Milestones. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 6Box 2: Integrating Climate Considerations into IBRD and IDA Operations. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 10
Box 3: The Evolution of the World Bank Group . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 13
Box 4: Innovative Risk-Sharing and Private Capital Mobilization in 2023. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 16
Box 5: Real Estate Case Study . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 18
Box 6: Coverage of the World Bank’s GHG Accounting Methodologies. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 27
Box 7: Selected World Bank Corporate Real Estate Sustainability Metrics. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 292Abbreviations and Acronyms
CCAP
CCDR
CCG
COP
CO2
CRO
DPF
EMDE
ESF
ESG
ESSs
FY
GEF
GHG
GRI
HVAC
IBRD
ICSID
IDA

Climate Change Action PlanCountry Climate and Development
Reports
Climate Change Group
Conference of the Parties
Carbon dioxide
Chief Risk Officer
Development Policy Financing
Emerging Market and Developing
EconomyEnvironmental and Social Framework
Environmental, Social, and Governance
Environmental and Social Standards
Fiscal Year
Global Environmental Facility
Greenhouse Gas
Global Reporting Initiative
Heating, Ventilation, and Air
Conditioning
International Bank of Reconstruction
and Development
International Centre for Settlement of
Investment Disputes
International Development Association

IFC
IFIs
IFI TWG
IPF
ISSB
LEED
LTSs
MDB
MIGA
MIC
NDCs
OPCS
PforR
RMS
SCALE
SORT
TCFD
tCO2eqInternational Finance Corporation
International Financial Institutions
Technical Working Group of theInternational Financial Institutions
Investment Project Financing
International Sustainability Standards
Board
Leadership in Energy and Environmental
DesignLong-Term Strategies
Multilateral Development Bank
Multilateral Investment Guarantee
AgencyMiddle-income country
Nationally Determined Contributions
Operations Policy and Country Services
Program-for-Results
Results Measurement System
Scaling Climate Action by Lowering
Emissions
Systematic Operations Risk Rating Tool
Task Force on Climate-Related Financial
Disclosures
Ton of CO2 equivalent3

1. INTRODUCTION
Climate and other sustainability considerations
are woven into all aspects of World Bank-financed
operations and corporate activities, including
how we address climate-related challenges andopportunities to achieve positive development
outcomes. Our financial sustainability is critical forour development mission and is grounded in effective governance and financial policies, sound risk
management, and strong shareholder support, as
reflected in the triple-A credit ratings for the International Bank for Reconstruction and Development(IBRD) and the International Development Association (IDA).
Last year IBRD and IDA (hereafter, the “WorldBank”) began enhancing their climate disclosuresby adopting the recommendations of the Task
Force on Climate-Related Financial Disclosures(TCFD).1 The World Bank acknowledges the significance of those recommendations in providing atransparent framework for assessing, evaluating, anddisclosing the associated risks and opportunities ofclimate change. This report is the World Bank’s second disclosure using the TCFD recommendations
and demonstrates our progress in integrating climate into our development and corporate activities.
In fiscal year (FY) 2023, we continued to assess
the impact of climate-related factors on our strategy, business, financial performance, and risk
management. As part of these efforts, we havestrengthened our processes and frameworks, built
consensus internally within the World Bank andexternally with the Board and other stakeholders,
and trained staff to better articulate, manage, andreport on the climate-related risks and results of ourwork. On the results side, for example, the revamped
IDA20 Results Measurement System (RMS), themost ambitious in IDA’s history, creates stron-

4

ger linkages to connect IDA’s contribution to country-level outcomes through country programs andprioritizes climate through several new indicators.
In FY23, the World Bank progressed in implementing the World Bank Group’s2 Climate Change
Action Plan (CCAP) 2021–2025, continuing tohelp drive country transitions toward low-carbon,
climate-resilient development. To this end, theWorld Bank has supported policy reforms, and has
continued to help countries in developing, implementing, and updating Nationally Determined Contributions (NDCs) and Long-Term Strategies (LTSs),
as well as greening financial systems to advanceclimate action. Launched in FY22, our Country Climate and Development Reports (CCDRs) continue
to integrate the latest data and analysis to prioritize the most impactful actions that can deliver ondevelopment goals in changing global climates (see  Strategy section).

The TCFD Framework helps organizations more effectively
disclose climate-related risks and opportunities through their
existing reporting processes. The TCFD recommendations
on climate-related financial disclosures are widely adoptable
and applicable to organizations across sectors and jurisdictions. Several key standard setters and regulators are using
the TCFD framework in their standard setting activities. They
are designed to solicit decision-useful, forward-looking information that can be included in mainstream financial filings.
The recommendations are structured around four thematic
areas that represent core elements of how organizations operate: governance, strategy, risk management, and metrics andtargets. For more information, see here. Effective 2024 the
IFRS Foundation will take over the monitoring of the progresson companies’ climate-related disclosures from the Financial
Stability Board.
2  The World Bank Group consists of five organizations: International Bank for Reconstruction and Development (IBRD),
International Development Association (IDA), International
Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of
Investment Disputes (ICSID).
1  1. INTRODUCTION

The World Bank has been consistently scaling up our climate financing, with IBRD and
IDA delivering a record high of $29.4 billion—or
40 percent of total IBRD and IDA finance—in climate finance in FY23. As part of the 2021–2025
CCAP, the World Bank has committed to aligning
all new financing operations with the objectivesof the Paris Agreement, starting July 1, 2023. Thisis a comprehensive institutional effort by the WorldBank to address development together with climate. To fulfill this commitment, in FY23 the WorldBank developed methodological guidance and toolkits to assess an operation’s alignment with theParis Agreement objectives.
The World Bank continues supporting theclimate agenda with innovations in capital markets. For example, in 2023, IBRD issued an emission reduction-linked bond that provides investors with a return linked to the issuance of Verified
Carbon Units that are expected to be produced bya project in Vietnam (see Strategy section). IBRD
catastrophe (“cat”) bonds help finance insurance against natural disasters to boost financial
resilience in countries like Jamaica, Philippines,
and Mexico. The World Bank Group’s recent institutional initiatives, including the Private Sector Investment Lab, are designed to tackle barriers to private
sector investment in emerging markets, and to help
create a world free of poverty on a livable planet.

The World Bank continues to improve ourfinancial disclosure for climate-related activities
and to contribute to sustainability reporting standards. Through knowledge sharing, the World Bank
helps advance the global sustainability reporting
agenda by providing responses to public consultations conducted by key global standard-setters, andby actively participating in the governance structuresof the International Sustainability Standards Board(ISSB) and the International Public Sector Accounting Standards Board (IPSASB). We will continue tobe actively engaged in this agenda as it evolves.
Looking ahead, the World Bank will continue
evaluating approaches to understanding climate risks and ways to enhance our climate-related disclosures, as well as, developing new
tools to help clients respond to disasters andclimate risks, including Climate-Resilient Debt
Clauses. The World Bank will also continue identifying opportunities to support our developing country clients in their transitions toward low-carbon,
climate-resilient development. To further enhance
this effort, the Board of Executive Directors andManagement have been working on an Evolution Roadmap that will help the World Bank Group
adapt our vision and mission, strengthen our operating model, and enhance our financial capacity—
all to better address the scale of development challenges, including climate.

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FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

Box 1: Journey of World Bank’s Climate-Related Milestones
The World Bank’s journey to integrate climate into our development programs began decades ago
and has evolved to support developing countries dealing with the intensifying impacts of climatechange. This work includes phasing out fossil fuels, developing new diagnostics that drive climate
action at the country level, issuing innovative sustainability bonds, and ensuring that the WorldBank’s new financing operations are consistent with the objectives of the Paris Agreement. We aim
to deliver on our core development mandate of reducing poverty while tackling the most pressing
global challenges. Key milestones from this journey are shown below:
2000–2010
Created ﬁrst Global Carbon Fund
Published Strategic Framework on Climate Change
Helped establish the Global Reporting Initiativeand began reporting under the Carbon
Disclosure Project
Published ﬁrst World Bank Corporate
Sustainability Report
Financed the last World Bank energy
project using coal
Included climate change as a special
theme for IDA

2011–2015
Began tracking climate co-beneﬁts
IBRD issued Caribbean Catastrophe Risk
Insurance Facility Cat Bond
Developed the Pilot Auction Facility
Included climate and disaster risk
screening in IDA17
Published inaugural IBRD Green
Bond Impact Report

IBRD issued ﬁrst Green Bond

2016–2020
Launched the Carbon Initiative forDevelopment
Launched Climate Change Action Plan
(CCAP) 2016-2020
Included climate-related commitments
in IBRD-IFC Capital Package, such as applying
greenhouse gas accounting and
IBRD climate and disaster risk screening

2021–2023
Launched CCAP 2021-2025
Published inaugural Climate-Related Financial
Disclosure aligned with TCFD
Released inaugural CCDRs
IBRD issued emission reduction-linked bond
Began Paris alignment of new ﬁnancing operations

6

2. GOVERNANCE
The decision-making structures of IBRD and
IDA each consists of the Board of Governors,
the Board of Executive Directors (hereafter“the Board”3), the President, management,
and staff.4 The Board of Governors is the highest decision-making authority for both IBRD and
IDA. Governors are appointed by their member
governments for a five-year renewable term.
The Board of Governors may delegate authority
to the Board of Executive Directors to exercise
any of its powers, except for certain powers enumerated in IBRD’s and IDA’s Articles of Agreement. The President reports to the Board, whichis responsible for the general operations of IBRD
and IDA.

The Board has 25 Executive Directors, who
represent all member countries (189 for IBRD,
174 for IDA). The President is the only memberof the Board from management and serves asa non-voting member and as Chairman of theBoard. The Board, particularly Audit Committee
members, periodically reviews trends in the WorldBank’s risk profiles and performance and any
major developments in risk management policies
and controls.
Unless the context requires otherwise, the term “Board” refers
to both the Boards of Executive Directors of IBRD and IDA.
4  For a full list of senior management and an organizational
chart, please refer to the appendixes of the World Bank Annual
Report 2023.
3  

Figure 1: Governance Structure
Board of Governors

Audit Committee

Executive Directors

Committee on
Development Eﬀectiveness

Budget Committee

President

Committee on
Governance and Executive
Director’s Administrative Matters

Human Resources
Committee

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FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

The World Bank also has the Corporate Responsibility Oversight Committee, which provides
strategic leadership and guidance for the institution’s internal corporate sustainability agenda. In
addition to the managing directors, the Committee
consists of high-level representatives of the WorldBank’s corporate units, including those that manage the environmental, social, and economic impacts of the World Bank’s corporate activities andtheir reporting.

IBRD’s and IDA’s Governance andOversight Around Climate-Related
Risks and Opportunities
The management of climate-related risks andopportunities in the World Bank’s development
and corporate activities is overseen by our managing directors, who report to the President. Boththe Board of Executive Directors and the Board ofGovernors have recognized climate change as a
global development issue5 and have endorsed theinstitutions’ ambition for, and commitments to,integrating climate and development action. Presented to the Board in 2021, the CCAP 2021–2025
details how the World Bank Group will integrate climate action into their support to developing countries and the private sector through 2025, buildingon the progress made under the inaugural CCAP
2016–2020. The Board receives annual updates
from management on the progress made in implementing the Action Plan, as well as on climate-related policy commitments.6 Delivering on climate
and development goals is an institution-wide effort,
cutting across the WBs global practices, operationaland corporate units. This is enabled by close collaboration between 1) a dedicated Climate Change

8Group (CCG) within the World Bank, which steers
the climate agenda at the global level and offers
expertise and funding to help integrate climate
considerations into development operations; and2) the regional units, which lead country engagement and delivery on the ground. The CCG leads on
developing, monitoring, and reporting on the progress made on the CCAP 2021–2025 and other climate-related policy commitments.

Governance Over Climate andSustainability Reporting
In 2022, a Sustainability Reporting Coordination
Group, co-chaired by four World Bank vice presidents,7 was established to coordinate the ongoingwork on the sustainability reporting agenda. The
group’s attention is centered around: 1) contributing to the policy dialogue around the developmentof sustainability reporting standards; 2) supporting
our clients in adopting standards and frameworks;
and 3) enhancing our own corporate reporting. Aninterdepartmental Technical Working Group composed of subject-matter experts from across theWorld Bank is working to enhance and strengthen
the World Bank’s climate and broader sustainability disclosures.

For information regarding the Forward Look, see here.
Through the 2018 Capital Increase for IBRD and IFC and the
IDA20 replenishment, the Board of Governors endorsed several climate-related commitments, such as increasing theshare of climate-related financing and screening all lending
investments for climate and disaster risks, among others.
7  Vice President and World Bank Group Controller; Vice President of Equitable Growth, Finance, and Institutions; Vice President of Operations Policy & Country Services; and Vice President of Sustainable Development.
5  

6  

3. STRATEGY
The world is facing an unprecedented confluence of crises—including climate change, inflation, conflict, and food insecurity, with developing countries hit the hardest. Since 2020, theworld has witnessed declines in growth, increases
in poverty, and reversals in hard-won development
progress. As these and other challenges evolve,
the World Bank is finding ways to better support
countries and strengthen our response to crises.
Through our Global Crisis Response Framework,8the World Bank has been responding at unprecedented levels to the converging crises. In FY23,
the World Bank approved 322 operations (including six IBRD and IDA blend operations) in 94 countries for total net commitments of $72.8 billion, of
which $38.6 billion relates to IBRD (136 operations), and $34.2 billion relates to IDA (192 operations).

Overview of the World Bank’s
Climate Change Strategy

climate finance, including additional concessional
funds. The CCAP 2021–2025 is designed to maximize impact and advance a livable world throughan inclusive path that promotes economic progress and is environmentally and socially sustainable, consistent with the broader development
objectives of the Green, Resilient, and Inclusive
Development approach.
Key elements of CCAP 2021–2025 are as follows:••

Helping Our Client Countries Address
Climate Change and Development
The World Bank’s interventions on climate anddevelopment are guided by the CCAP 2021–
2025. Under our second CCAP, the World Bank
Group is helping countries and private sector clients fully integrate their climate and development
goals; identify and prioritize action on the mostimpactful adaptation and mitigation opportunities, with a focus on transforming key systems
that account for 90 percent of greenhouse gas(GHG) emissions and present major adaptation
opportunities; and use those efforts to mobilize
and enable private capital and other sources of•Ambitious new climate finance targets:
The CCAP 2021–2025 calls for an averageof 35 percent of World Bank Group financing over FY21–FY25 to be climate finance,
up from a target of 28 percent by 2020. Thismeans that project financing directly contributes to climate change mitigation and adaptation, as at least 50 percent of the World Bank’s
climate finance will support adaptation.
A new core diagnostic on climate and development: CCDRs provide economy-wide
analyses of climate risks and opportunities
for climate action by the public and private
sectors, helping integrate climate and development considerations and prioritize interventions.
Aligning financing flows with the objectivesof the Paris Agreement: The World Bank
will only support operations that are consistent with the objectives of the Paris Agreement and promote a country’s path toward
low GHG emissions and climate-resilient
development.

8  For more information about the Global Crisis Response
Framework, see here.

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FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

Box 2: Integrating Climate Considerations into IBRD and IDA
Operations
The World Bank continues to integrate considerations for climate-related risks and opportunities
into our operations through our corporate commitments on climate change, such as climate anddisaster risk screening for physical risks, and GHG accounting and applying a shadow price of carbon
for carbon lock-in and transition risks.
Climate and disaster risk screening identifies short- and long-term physical risks faced by WorldBank operations. This screening has been required for all IDA operations since FY15, and for all IBRD
operations since FY18. Identifying risks and proactively incorporating resilience measures at theearly stages of project design can help projects achieve their development objectives.
Climate indicators monitor and track the progress of climate results, measuring outputs or outcomes of financing interventions for mitigation and/or adaptation. Since FY21, all World Bank operations with 20 percent or more climate finance incorporate at least one climate indicator to monitor
and track climate results.
GHG accounting is performed for all World Bank Investment Policy Financing (IPF) operations where
methodologies are available. Applying a shadow price of carbon in the economic analysis has beenrequired for all IBRD or IDA IPFs that are subject to GHG accounting since July 1, 2017. The purpose is
to contribute to greater transparency and consistency of the project’s GHG impacts and inform decision-making by the World Bank and our clients. Additional information on GHG accounting for the
Bank’s lending operations can be found in the Metrics and Targets section.

•

•

10

Prioritizing transformative investments infive key systems: These systems—energy;9
agriculture, food, water, and land; cities; transport; and manufacturing—are critical for development but account for over 90 percent of
global GHG emissions and face significant
adaptation challenges.
Driving climate finance to deliver the greatest results: The World Bank will continue supporting global and country-level engagement
to scale up public and private climate financeavailable to emerging markets for both mitigation and adaptation. This includes contingent
and crisis financing options—such as the Crisis

Response Window available to IDA countries—that can be used in case of climate-related
extreme weather events and other shocks. We
will also support greening of the financial sector by working with central banks, national
development banks, and private sector financial institutions.
The World Bank Group is one of the largest multilateral providers of financing for renewable energy and energy efficiency
projects in developing countries. Since 2010, the World Bank
has not financed a new coal-fired power plant and currently
has no active coal-fired power generation project in our pipeline. The World Bank has not financed any new upstream oil
and gas projects since 2019. The World Bank has not financed
any oil pipelines since 2014.

9  

3. STRATEGY

Figure 2: CCDRs Status and Countries
Country Coverage of Published CCDRs:

Published CCDRs in FY23
AFE

AFW

EAP

ECA

MNA

SAR

LAC

AngolaMalawiRwandaSouth Africa

Sahel G5a
Cameroon
Ghana

China
Indonesia
VietnamPhilippines

Kazakhstan

Egypt
JordanIraq
MoroccoNepal
Pakistan
Bangladesh

Argentina
BrazilHondurasPeruaBurkina Faso, Chad, Mali, Mauritania, and Niger

Implementation of World Bank
Group CCAP 2021–2025
In FY23, the World Bank continued to deliver on the
CCAP 2021–2025. Key highlights are as follows:

Country Climate and Development
Reports (CCDRs)
Introduced in the current CCAP, the World Bank
Group’s CCDRs integrate climate change anddevelopment considerations. Building on rigor-

ous research and data, CCDRs are designed tohelp countries prioritize the most impactful actions
that can reduce GHG emissions and boost adaptation and resilience, while delivering on broader
development goals. The reports suggest concrete
actions to support the low-carbon, resilient transition. CCDRs aim to inform governments, citizens,
the private sector, and development partners andenable engagements with the development and climate agenda. CCDRs feed into other core WorldBank Group diagnostics, country engagements,and operations, and help attract funding and direct11

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

financing for high-impact climate action. In FY23,
we published 23 CCDRs covering 27 countries
across all seven World Bank regions.
The CCDRs help identify high-impact actions
that can be implemented through the mid-century
by governments and inform substantive country
engagements. For example:••

In Bangladesh, energy-efficiency solutions can
reduce energy consumption by around 30 percent and increase productivity by 10 to 15 percent in one of the country’s primary export sectors—textiles and ready-made garments.10
Peru’s CCDR fed into the Sustainable Growthand Finance Development Policy Financing(DPF) Deferred Drawdown Option, totaling$750 million in World Bank financing. This operation supports reforms in several areas, including fiscal resilience, financial competitiveness,and greener production.11

ments of their new financing operations. These
principles were publicly disclosed in June 2023.
The World Bank has put in place internal processes and systems to assess and show that every
financing operation is Paris-aligned. This entails
an integrated vetting approach for every project,using publicly disclosed instrument methods, sector notes, and the joint MDB methodological principles. Ahead of the July 1, 2023, launch of the Paris
Alignment commitment, we trained thousands ofstaff to screen, manage, and reduce climate risks
for both adaptation and mitigation in their projects and demonstrate Paris Alignment in project
documentation. The World Bank Paris Alignment
process will involve learning-by-doing, refining
guidance, building capacity, and adapting mechanisms as lessons emerge, jointly with other MDBs.
It will also be iterative as technologies, markets,and innovations drive down costs of lower-carbon,
resilient options.

Implementation of the Paris Alignment
Commitment

The World Bank’s Contribution to the
Global Sustainability Reporting Agenda

The World Bank made a commitment in the CCAP
2021–2025 to align all new financing operations
with the objectives of the Paris Agreement. Starting July 1, 2023, all new IBRD and IDA IPF, Program-for-Results (PforR), and DPF operations must
demonstrate alignment with the objectives of theParis Agreement and a country’s pathway toward low
GHG emissions and climate-resilient development.
The Paris Alignment of the World Bank’s new
financing operations is the most comprehensive
undertaking ever done by the institution to addressdevelopment together with climate. This is part ofa broader Multilateral Development Bank (MDB)
vision to align all financing operations with theobjectives of the Paris Agreement. Through close
collaboration, 10 MDBs, including the World Bank,
developed joint MDB methodological principles toinform and facilitate the Paris Alignment assess-

The World Bank contributes to the developmentof standards and frameworks by global regulatorsand standard-setting bodies, advocating that theperspectives of emerging markets and developing economies be taken into consideration.
The World Bank supports the development of
the Network for Greening the Financial System andTaskforce on Nature-Related Financial Disclosure
climate and nature scenarios for risk assessment
and capacity-building in Emerging Market andDeveloping Economies (EMDEs) by organizations
such as the Financial Stability Board, the Interna-

12

tional Organization of Securities Commissions, andthe ISSB. The World Bank is also involved in initiatives such as the Coalition of Finance Ministers for
Climate Action, the G20 Sustainable Finance WorkFor more information, see here.
For more information, see here.

10  
11  

3. STRATEGY

Box 3: The Evolution of the World Bank GroupIn response to shareholders, the World Bank Group created an Evolution Roadmap to deliver
development impact more effectively and efficiently for people and the planet. The roadmap
identifies eight global challenges that are unique as they affect many countries and have cross-border implications. Addressing the following challenges will be key to advancing the World Bank’s new
vision and mission: (i) climate change adaptation and mitigation; (ii) fragility and conflict; (iii) pandemic prevention and preparedness; (iv) energy access; (v) food and nutrition security; (vi) water
security and access; (vii) digitalization; and (viii) biodiversity and nature.
The roadmap outlines three building blocks of this process:i.

Setting a new vision to match our ambition with a new mission to end extreme poverty and boost
shared prosperity on a livable planet. With these, the World Bank will for the first time have theformal mandate to both fight poverty and address global challenges, leading the way among multilateral development finance institutions.

ii.

Creating a new World Bank Group playbook with solutions to achieve this ambition, double downon our impact, and better address both country development needs and global challenges,
including through scale and replicability. We are enhancing and modernizing how we provide
finance and knowledge, including working as One World Bank Group across our institutions tomobilize private capital and domestic public resources for development.

iii. Taking steps to enhance the World Bank Group institutions’ financial capacity to meet development needs.

ing Group, the G20 Environment and Climate Sustainability Working Group, and the G7 Disaster Risk
Finance Working Group. By doing so, the WorldBank ensures that global efforts to create a moresustainable financial system consider the needs
and perspectives of EMDEs.
As sustainability reporting and sustainable-finance reforms advance, the World Bank Groupis gearing up efforts to support client countries
throughout the transition.

How the World Bank is Harnessing
Climate-Related Opportunities
The World Bank is increasing our climate-related
financing and integrating climate change acrossall relevant sectors in our financing operations.
The World Bank is working closely with client
countries and development partners to increase
our impact on the ground.
The World Bank is also embedding sustainability and climate in decisions across internal
operations, including our facilities and supply
chain.

Supporting Clients in Greening their
Financial Systems
Greening the financial system is important for the World Bank’s client countries dueto the particular vulnerabilities of EMDEs toclimate-related financial risks. The financial
13

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

sectors in EMDEs possess the potential to drive
positive changes in the real economy toward
a more sustainable future. EMDEs face challenges in transitioning their financial systems togreen practices due to limited knowledge, data
availability, and financial resources. The WorldBank assists EMDEs in attracting capital andfostering sustainable development by ensuring that green-finance measures are compatible
with their specific context. The World Bank is engaged in a wide range of green-finance initiatives
across client countries, as shown on the map below (Figure 3). These initiatives include diagnostics, technical assistance, and financing to support the transition to a more sustainable financial
system. The World Bank actively supports client
countries in developing and applying sustainability disclosure and reporting standards, strengthening climate and nature risk-management practices, facilitating private finance, and greening of
the financial system.

The World Bank is:••

Supporting over 40 EMDEs in climate andnature risk assessments and regulation, recognizing and accommodating the different
country contexts and capacities. Climate-riskmanagement is essential for maintaining financial stability and incentivizing greener investments. Prudential regulations and stress-testing ensure that climate risks are incorporated
into market pricing, better financial resilience,and stronger regulatory frameworks; offering
training and awareness programs; and developing a green taxonomy. The World Bank has
also integrated Climate and Environmental
Risk and Opportunity analyses for the financial
sector in the Financial Sector Assessment Program and CCDRs.
Supporting countries with innovative financial instruments and policy reforms to unlock
private capital in order to protect households,

Figure 3: World Bank Green Financial Sector Programs, Engagements andSelected Examples

14

3. STRATEGY••

firms, and governments against climate
shocks and disasters. Climate risk financing
considerations are becoming more important
within DPF programs, where prior actions togreen the financial sector are increasingly partof the policy matrix.
Supporting countries in mobilizing domestic
and international private capital for investments in climate-relevant sectors. EMDEs
face a lack of sufficient funding for climate
and environmental goals and need an enabling
environment to facilitate private capital. The
World Bank supports countries in developing their local capital markets. Our sustainable-finance advisory services can help establish the groundwork for scaling climate finance.
The World Bank also promotes incorporatingclimate and nature into the investment strategies of institutional investors and national
development finance institutions.
Helping countries strengthen climate disclosure and market integrity to attract moreinvestment in sustainable development initiatives in EMDEs. Greening regulations andreporting frameworks in EMDEs address thelack of information and data on climate forfinancial markets to assess risks and investment opportunities. For instance, the WorldBank developed and maintains the sovereign
environmental, social, and governance (ESG)
portal, a tool to provide better data and analysis for global fund managers investing in ESG
instruments. The World Bank also supports
several client countries in developing taxono-

bond-investment decisions and focus on the purpose of their investments. In 2008, IBRD was thefirst institution to issue a green bond, which allocates equivalent amounts to certain mitigation andadaptation projects, introducing transparency andimpact reporting as part of the process. This jumpstarted a sustainable-bond market that has seen
over $4 trillion in issuance over the last 15 years.
Taking a holistic approach, IBRD and IDA label theirbonds “Sustainable Development Bonds” to communicate the integration of social and environmental goals and the World Bank’s overall Sustainable
Development mission.
IBRD continues to innovate and be at theforefront of sustainable finance through its structured notes. Climate-finance innovation started
with structured bonds in the late 2000s, including
notes linked to climate-focused equity indices in2007 and the first emission-reduction-linked bonds
in 2008; more recently, in a first-of-its-kind transaction, IBRD issued an outcome-based wildlife conservation bond in March 2022.12
To support countries’ resilience to climatechange and natural disasters, IBRD has been aleader in the issuance of catastrophe bonds. “Cat”
bonds are issued under IBRD’s “capital at risk”
notes program,13 which can be used to transfer risks
related to natural disasters and other risks fromdeveloping countries to the capital markets. Nearly$4 billion in cat bonds in 19 transactions have been
issued, providing financial resilience to countries
such as Chile, Jamaica, Indonesia, and Mexico.14
In addition to issuing IBRD and IDA bonds, theWorld Bank’s Treasury advises and works closely

mies and reporting standards.

Supporting the Climate Agenda throughTreasury Products and Services
Since the early 2000s, the World Bank’s Treasury has helped catalyze growing interest among
investors to integrate ESG criteria into their

12  Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs. Payments on the bonds describedherein are not funded by any particular project or program.
13  For more information, visit here.
14  Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs. Payments on the bonds describedherein are not funded by any particular project or program.

15

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

Box 4: Innovative Risk-Sharing and Private Capital Mobilizationin 2023*
Catastrophe Risk Transfer for Chile
A $630 million three-year catastrophe bond and swap transaction provided Chile with financial
protection to mitigate the potentially disruptive economic impacts of earthquakes and resulting
tsunamis.
Emission Reduction-Linked Bond
A $50 million five-year outcome bond mobilized private capital to help finance manufacturing anddistribution of water purifiers to schools and institutions in Vietnam, while aiming to provide investors with a return linked to the issuance of verified carbon credits.
Sovereign Green Bond
The World Bank Treasury provided technical assistance to the Government of India to establish its
sovereign green bond program and mobilize private capital to fund climate action plans and resilient
growth. As a result, the Government of India issued $2 billion equivalent of sovereign green bondsin the first quarter of 2023 to support renewable energy, energy efficiency, clean transportation, climate change adaptation and other environmentally beneficial projects.
Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any
particular projects or programs. Payments on the bonds described herein are not funded by any particular project or program.
*with member countries to help them develop sustainable capital markets through its Sustainable
Finance and ESG Advisory Program. These efforts
include technical assistance to financial regulatorsfor greening the financial system, identifying financing options to design and implement countries’ climate plans under the Paris Agreement, and helping
borrowers mobilize private sector capital throughdedicated climate finance instruments.

Supporting Access to Concessional
Financing for Climate Action
Through the record-high $93 billion 20th
replenishment of resources for IDA (IDA20),
16

the Board of Governors endorsed eight Climate
Change Policy Commitments to increase theimpact and scale of IDA’s climate and development interventions. The IDA20 Climate Change
Special Theme, which aligns with the CCAP 2021–
2025, supports climate interventions in adaptation and mitigation and deepens the integration,
scale, and impact of climate and development
together in IDA countries.
World Bank–administered trust funds andfinancial intermediary funds support the climate
agenda by complementing core World Bankfinancing, helping clients mobilize resources,
and funding technical assistance, capacity building, and analytical tools for greater climate resil-3. STRATEGY

ience and low-carbon growth. As of FY23, active
climate-related funds offering grants and concessional financing to countries include the Climate
Investment Funds, Climate Support Facility, theGlobal Environment Facility, and the Global Facility
for Disaster Reduction and Recovery.
At the 2022 United Nations Climate Change
Conference of the Parties, or COP27, a new umbrella
multidonor trust fund, Scaling Climate Action
by Lowering Emissions (SCALE), was launched.
SCALE seeks to catalyze transformative climate
action through results-based climate finance tobuild an enabling environment and incentive mechanisms that catalyze greater financial flows for climate action, including from the private sector
through carbon markets.

Global Reporting Initiative (GRI) Index and biennial
Sustainability Review.

Climate-Related Considerations in theWorld Bank’s Corporate Activities

The COVID-19 pandemic and its aftermath
have highlighted the deep interconnectedness
between the planet, people, and economies.
The pandemic has also served to strengthen theWorld Bank’s commitment to environmental,social, and economic sustainability.
The Corporate Responsibility Strategic Plan,approved by the World Bank’s Managing Director and Chief Administrative Officer, focuses onreviewing mandates and progress on corporate
responsibility at the institution, evaluating thecurrent corporate responsibility landscape andtrends, engaging stakeholders for input, identifying
implementation priorities, and maintaining a rolling three-year implementation plan for corporate

The World Bank’s global facilities are notimmune to the financial impacts of climate-related risks and opportunities. Climate change
can pose direct physical risks to our office buildings, such as increased exposure to extreme
weather events, including hurricanes, floods, or
storms. These risks can lead to property damage,business interruptions, and higher insurance
costs. Additionally, rising sea levels and changing weather patterns may increase the vulnerability of coastal or low-lying office properties. For theWorld Bank, risk management includes retrofitting existing buildings to enhance their resilience
to climate risks and incorporating new sustainable
design principles to meet or exceed current building guidelines in both new construction and existing buildings where possible.
One-third of the facilities owned by the WorldBank worldwide meet a green building certification
standard, such as Leadership in Energy and Environmental Design (LEED), with an additional 17 facilities currently under review and/or recertification.
All new buildings are designed with a focus on sustainability, and we continually seek to improve theperformance of existing buildings.
Climate change can also impact the operational costs of office buildings. For example, risingtemperatures can lead to more energy consumption for cooling, resulting in higher utility expenses.

responsibility.
The World Bank is also embedding climate
and sustainability in decisions across internal operations, including our facilities and supply chain,based on 10 Corporate Sustainability Principles.
The World Bank’s progress on corporate sustainability can be found in the World Bank’s annual

To mitigate these costs, the World Bank is investing in energy-efficient heating, ventilation, and air
conditioning (HVAC) systems; insulation; energy
upgrades; new renewable energy projects; water
efficiency; and other sustainability measures. Suchmeasures can have upfront costs but yield longterm savings.

Strategic Approach to Corporate
Sustainability

17

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURESBox 5: Real Estate Case Study
Dhaka, Bangladesh, Case Study
The Bangladesh country office in Dhaka has the largest IDA portfolio of the World Bank Group andis one of our largest country offices, with around 370 staff. The office recently achieved the LEEDGold Certification for Operations and Maintenance, joining the ranks of 21 other World Bank GroupLEED-certified buildings.
The building underwent several upgrades to improve its sustainability and reduce its environmental impact. These included the installation of efficient filtration systems to enhance indoor air
quality, the creation of green walls to minimize heat gain, and the implementation of water-saving
devices to reduce water consumption. The installation of LED lighting decreased energy consumption by 80 percent, while the installation of new HVAC systems reduced energy consumption 15 to
20 percent. The 115-kilowatt solar panel installation includes panels on the main building and curved
panels over the carpark, replacing 13 percent of grid electricity consumption. An 88,000-liter rainwater harvesting project is in process and expected to be completed by February 2024.

The World Bank’s Carbon-Neutrality
Commitment through EmissionReduction Offsets
The World Bank purchases and retires carbon offsets to achieve carbon neutrality for our Scope 1,
Scope 2, and Scope 3 GHG emissions (businesstravel and headquarters food procurement). The
World Bank has been carbon-neutral since 2009 for
GHG emissions related to all our global facilities andglobal business travel. As part of our annual effort tooffset carbon emissions, carbon offsets and Renewable Energy Credits equivalent to the World Bank’s
footprint are purchased and retired. Carbon-offset projects are chosen based on rigorous WorldBank Group guidelines, including the requirementthat projects are undertaken in IDA countries. These
guidelines seek to align the World Bank’s offset purchases with our institutional objectives and support

18

projects that help address climate change, while
also improving other environmental and social outcomes. The World Bank aims to maintain diversity in
our project portfolio and set the highest standards
for procurement, with stringent due diligence thatsatisfies the above-mentioned strategy, resulting ina portfolio of high quality and high value projects.
The World Bank continues to measure, reduce,
offset, and report GHG emissions associated with
our global internal operations—including our facilities—and corporate air travel. The World Bank has
measured the GHG emissions from our headquarters facilities since 2005 and globally since 2007,
in accordance with the World Resources Instituteand World Business Council for Sustainable Development’s GHG Protocol. Emissions from headquarters have been offset since 2006 and globally since2009. For emission-reduction targets, refer to theMetrics and Targets section.

4. RISK MANAGEMENT
The World Bank’s risk management processes andpractices continually evolve to reflect changes
in activities in response to market, credit, product, operational, and other developments. Management believes that effective risk management
is critical for the World Bank’s overall operations.
Accordingly, the risk management governancestructure is designed to manage the principal risks
that the World Bank entities assume in their activities and supports management in its oversight function, particularly in coordinating different aspects ofrisk management and in connection with risks thatare common across functional areas.
The World Bank has adopted the “ThreeLines Model” for our risk management accountability structure.15 In line with this model, risks aremanaged at three levels of management to protect the World Bank from significant risks: (i) thebusiness units, (ii) the risk and oversight units, and(iii) the independent audit function. Management’s
responsibility to achieve organizational objectives
comprises both first- and second-line roles.
The World Bank’s risk management process comprises risk identification, assessment,
response, and risk monitoring and reporting.
IBRD and IDA have policies and procedures underwhich risk owners and corporate oversight functions are responsible for identifying, assessing,
responding to, monitoring, and reporting risks.
Climate-related risks are incorporated into
the World Bank’s enterprise risk taxonomy sothey can be managed and monitored. The taxonomy provides common categories and standard
definitions through which risks can be describedand discussed. The current categories of risk
include strategic, operational, financial, and development-outcome risk.

Management of IBRD’s and
IDA’s Risks and Integration of
Climate Risks
The World Bank’s risk management framework is
designed to enable and support IBRD and IDA inachieving their development goals in a financiallysustainable manner. The Chief Risk Officer (CRO)oversees financial and operational risks for IBRD and
IDA. The CRO also promotes cooperation between
the World Bank Group entities and facilitates knowledge-sharing in the risk management function. The
Board, particularly Audit Committee members, periodically reviews trends in IBRD’s and IDA’s risk profiles and performance, as well as any major developments in risk management policies and controls. The
risk of operations financed by IBRD and IDA not meeting their development outcomes (development-outcome risk) is monitored at the corporate level by
Operations Policy and Country Services (OPCS).
Processes for identifying, assessing, and responding to climate-related risks, like any otherrisks, are integrated into the World Bank’s risk management framework. IBRD and IDA consider both
physical risks from climate change and transition
risks16 in their risk management and assess the impact of each on sovereign borrowers and operations.
15  An update of the Three Lines of Defense, The Institute ofInternal Auditors (IIA), July 2020.
16  Physical risks are those resulting from impacts of climatechange–related events and can be both acute and chronic.
Examples of physical risks include droughts, floods, rising sea
levels, and rising temperatures. Physical risks may affect supply chains, operational capacity, damage to physical assets,
and other aspects of economic or business activity. Transition
risks correspond to the global shift to a less carbon-intensive
economy. Examples of transition risks include changes in climate and energy policies, a shift to low-carbon technologies,changes in consumer preferences, and reputation and liability

19

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

Figure 4: Financial and Operational Risk Management Structure

Risk Oversight

Risk Coverage

Internal Audit

3rd Line

Chief Risk Oﬃcer

2nd Line

Financial Risk
• Country Credit Risk
• Counterparty Credit Risk

Business Units

Risk Owners

Risk Process

Operational Risk

Identify

AssessManagement of Climate-Related
Financial and Operational Risks
Financial and operational risks overseen by the
CRO include (i) country credit risks in the core sovereign-lending business, (ii) market and counterparty risks, including interest rate, exchange rate,commercial counterparty, and liquidity risks, and(iii) operational risks relating to people, processes,
systems, and external events.

Country Credit Risk
Country credit risk is the most significant financial risk IBRD and IDA face. The World Bank uses
our own sovereign credit rating methodology toassess all IBRD and IDA borrowers and manage

20

1st Line

Respond

Monitor &Reportcountry credit risk. The assessment is performedat least once a year by the CRO, and more often if
needed. The approach is comprehensive, using
quantitative and qualitative inputs covering a wide
range of economic, financial, and political factors
relevant to the country’s risk of default to IBRD and
IDA. This includes physical and transition risk factors, such as the frequency and magnitude of disasters, rising temperatures, and dependency on carbon-intensive industries. These sovereign credit
ratings are key inputs for managing IBRD and IDA
exposure and ensuring capital adequacy. In addition, stress testing analyzes the potential effects ofissues. Transition risks can vary substantially depending on
economic reliance on carbon-intensive industries, a country’s
energy consumption mix, and scenarios for policy and technology changes.

4. RISK MANAGEMENT

changes in market variables and geopolitical eventson the IBRD and IDA portfolios to complement theircapital adequacy framework.

Counterparty Credit Risk
IBRD and IDA are exposed to commercial andnon-commercial counterparty credit risk. IBRD
and IDA mitigate the counterparty credit risk fromtheir investment and derivative holdings throughthe credit approval process, the use of collateralagreements and risk limits, and other monitoringprocedures. The credit approval process involves
evaluating counterparty and product-specific creditworthiness, assigning internal credit ratings andlimits, and determining the risk profile of specifictransactions. Credit limits are set and monitored
throughout the year.
Commercial credit risk management includes
climate-related factors in the approval and monitoring of higher-exposure counterparties for the liquid asset portfolio and for derivative counterparties.

Operational Risk
The World Bank recognizes the importance of
operational risk management activities, which
are embedded in our financial operations. As
part of their business activities, IBRD and IDA are
exposed to a range of operational risks, including
physical security, staff health and safety, data andcyber security, business continuity, and third-party-vendor risks. The World Bank’s approach toidentifying and managing operational risk encompasses a dedicated program for these risks and arobust process that includes assessing and prioritizing operational risks, monitoring and reporting
relevant key risk indicators, aggregating and analyzing internal and external events, and identifying
emerging risks that may affect business units anddeveloping risk response and mitigating actions.

Climate-related operational risk is managed
through the Operational Risk Management Framework, which is built on a three-lines model. As thefirst line, business units manage climate-related
operational risks, which are part of the World Bank’s
operational risk taxonomy. As the second line, theoperational risk unit analyzes key climate-relatedrisks highlighted by the business units, and thematic issues (if any) are discussed with the Operational Risk Committee, as appropriate, on a quarterly basis starting from FY24. As the third line,
the World Bank’s Group Internal Audit periodicallyreviews the World Bank’s operational risk management program and provides assurance on its designand operating effectiveness.
Changes are incorporated into the Operational
Risk Taxonomy to identify, manage, and report climate-related operational risks. Climate-related
operational risks is a separate risk domain, in addition to existing operational risk domains. Under
the climate-risk domain, the World Bank will reportrisks associated with World Bank activities impacting climate, and/or climate-related events impacting the World Bank’s activities.

Management of DevelopmentOutcome Risk
The World Bank assesses how climate risks may
affect the ability of IBRD- and IDA-financed operations to deliver their intended development
outcomes. Development-outcome risk is the risk
to the client’s ability to achieve expected resultsin World Bank—supported projects, programs, or
strategies, as well as the risk of unintended consequences. Those risks, along with other economic,
political, and social factors, are assessed by operational teams using the Systematic Operations Risk
Rating Tool (SORT) and monitored at the corporate
level by OPCS. SORT is complemented by the WorldBank’s Environmental and Social Framework (ESF)21

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

and, starting July 1, 2023, the Paris Alignment
assessment in relation to climate-related risks:
The ESF requires borrowers to consider transboundary and global environmental aspects,
including climate change, in project design. The
ESF specifies that the World Bank’s commitment toenvironmental sustainability includes stronger collective action to support climate change mitigation
and adaptation, taking climate change into accountin our environmental and social risk and impact due
diligence, and actions that are proportionate to thelevel of identified risk. The ESF consists of environmental and social standards (ESSs), which set out
requirements that apply to borrowers. The third
standard, ESS3, presents requirements to address
resource efficiency as well as pollution prevention
and management throughout the project life cycle.
Paris Alignment adopts a risk-based assessment approach, involving a three-step process that

22

leads to a conclusive answer as to whether a given
financing operation is aligned with the Paris Agreement. Starting July 1, 2023, all new financing operations provided by the World Bank will be consistent with the objectives of the Paris Agreement
and a country’s pathway toward low GHG emissions and climate-resilient development. In practice,
this means that the task manager of a project mustdesign the project to support the deployment of lower-carbon options as applicable, whenever technically and economically feasible, and prevent carbon
lock-in; and ensure that material climate risks havebeen assessed and reduced to an acceptable level.
To demonstrate this alignment, the World Bank hasdeveloped instrument methods, as well as WorldBank Group sector notes that complement the joint
MDB Methodological Principles for Assessing Paris
Alignment. This guidance has been publicly disclosed on the World Bank Group’s external website.

5. METRICS AND TARGETS
The World Bank monitors and reports progress on
climate-related targets, commitments, and indicators tied to our operations and corporate practices. The World Bank is on track to meet our targets and commitments, including those outlined in
the CCAP 2021–2025.

Metrics for World Bank Operational
Activities and Advisory Services
in FY23
The World Bank Corporate Scorecards
The World Bank has adopted quantitative metrics
and indicators to track and report on our climate-related targets and commitments, as well as other sustainability- and resilience–related operational performance. The Corporate Scorecards17 of the WorldBank Group and the World Bank include three tiers:
i) Tier 1 on development context and the poverty
and prosperity goals, ii) Tier 2 on results delivered
through operations, and iii) Tier 3 on operational andorganizational effectiveness. Indicators related toclimate, resilience and sustainability include global
carbon dioxide (CO2) emissions, GHG emission
reductions, number of countries with a completed
CCDR, and share of climate-related financing in totalcommitments. The latest results can be found here.
Over the current Corporate Scorecard cycle(FY19-FY23), IBRD/IDA approved operations aremaking significant contributions toward the reduction of GHG emissions, amounting to 176.2 million
tons (CO2 equivalent/year). Much of the anticipatedemission reductions come from countries with thehighest emission levels, such as Indonesia and India.
The World Bank Group is revamping the Corporate Scorecards to report on the outcomes andimpact of our climate interventions. The new Score-card will serve three primary purposes: to drive a
unified focus on key outcomes, to manage with evidence, and to communicate results. The new Scorecard will span FY24-FY30, covering the launch of the
new playbook, with 2024 serving as an initial transition year and concluding in line with the final reporting year of the Sustainable Development Goals.

IDA Results Measurement System
Separately, the IDA Results Measurement System(RMS)18 tracks results in countries supported by IDA.
The purpose of the IDA20 RMS is to measure andsteer progress toward IDA20’s ambition for a green,
resilient, and inclusive future. It includes climateand resilience-related Tier 1, Tier 2, and Tier 3 indicators, such as net (relative) GHG emissions, renewable energy generation capacity (in gigawatts),
share of adaptation co-benefits over total climate
co-benefits in IDA-supported operations, and millions of people provided with access to clean cooking.
Under IDA19 (FY21-FY22), the World Bank
exceeded the targets of seven policy commitments,
significantly advancing the integration of climatechange at the national level, while concurrently
The Corporate Scorecards of the World Bank Group provide
an overarching view of the results and performance indicatorsof the Group’s three institutions: the World Bank, the IFC, andMIGA. Separate scorecards for the World Bank, IFC, and MIGA
complement the World Bank Group’s Scorecard. The Scorecards are critical tools for monitoring the World Bank Group’s
performance in key global and institutional priority areas.
18  The World Bank Group introduced the RMS as a key reporting and accountability tool for tracking progress and reporting
results achieved by IDA during each replenishment cycle. The
IDA RMS is a central part of the World Bank Group’s framework for tracking progress at an aggregate level and integral
to the World Bank’s efforts to improve the focus on results.
The IDA RMS uses a three-tiered development results framework with 79 indicators to track results of IDA countries at an
aggregate level.
17  

23

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

strengthening assistance for adaptation and resilience measures. The IDA20 replenishment, covering FY23–FY25, began implementation in FY23 andbuilds on these achievements, deepening the integration, scale, and impact of climate action, prioritizing countries with larger carbon emissions
and higher climate vulnerabilities. Collectively,
IDA20’s eight policy commitments under the climate change special theme will help to address
short- and long-term adaptation needs, decarbonization objectives, and protection of biodiversity,
natural capital, and ecosystem services, while stimulating growth, enabling a green recovery, focusing
on crisis preparedness, and maintaining harmony
between humans and nature.
We report regularly on progress toward IDA
policy commitments, including through a midterm review and final retrospective. The recently
published IDA19 Retrospective notes that $25.4
billion in climate finance was delivered through
IDA19, of which $15.2 billion (60 percent) was foradaptation.

Climate Financing Targets andCommitments

FY23 World Bank Climate Financing$29.4 billion
or 40% of total commitments

The World Bank tracks our climate finance using
the methodology developed jointly by the MDBs.
In FY23, the World Bank delivered $29.4 billion inclimate finance, representing 40 percent of total
IBRD and IDA commitments. This reflects our progress toward meeting the CCAP 2021–2025 WorldBank Group target of 35 percent climate finance on
24average, which was 36 percent for the FY21-FY23
period. The CCAP 2021–2025 also highlights thesignificance of adaptation, with the goal of allocating at least 50 percent of IBRD/IDA climate financeto support adaptation. In FY23, 41 percent of IBRD/
IDA climate finance supported adaptation, and59 percent supported climate mitigation.
In FY23, IBRD delivered $16.2 billion in climate
finance, representing 42 percent of total IBRD commitments. IDA delivered $13.2 billion in climate finance,
representing 39 percent of total IDA commitments.
In FY23, 96 percent of World Bank projects
had a climate financing component, while theshare of projects with a climate financing component for IBRD was 93 percent, and for IDA 98 percent, illustrating the institution’s commitment tomainstreaming climate change in our operations.
The latest project-level climate finance data for theWorld Bank are available here.
In FY23, low-income countries accounted
for 16 percent of total World Bank climate financing, lower-middle income countries for 45 percent,and upper middle-income countries for 30 percent.
Lower-middle income countries had the highest
share of both adaptation and mitigation financing19.

GHG Accounting for the World Bank’s
Lending Operations
Development often involves potentially emissive
activities, such as the expansion of energy use,transport, or agricultural production. GHG accounting is a practice among international financial institutions (IFIs) committed to better understanding
how they can reduce emissions associated with
their investment portfolios. Since 2012, MDBs andother IFIs have collaborated through the Technical
Working Group of the International Financial Institutions (IFI TWG) to harmonize project-level GHG
emissions accounting, agreeing on a Harmonized
Amounts labeled as 0.0 indicate amounts less than $0.1bn.

19  

5. METRICS AND TARGETS

Figure 5: Overview of World Bank Climate Financinga
FY21–FY23 Climate and Non-Climate Financing($billion and %)100

FY21–FY23 Adaptation and Mitigation Commitments($billion and %)
45%

40%

90

40%

37%

80

35%

32%

70

30%

60
50

44.6

45.4

40

25%

43.4

20%

50%
10.5

15%

30
20
10
0

10%

29.4

21.2

26.2

FY21

FY22

5%
0%

FY23

50%
10.7
FY21

% of Climate Financing
FY21–FY23 Average %of Climate Financing

Total Climate Financing
Commitments without
Climate Financing
a

59%
17.5

51%
13.3

49%
12.9

41%
12.0

FY22

FY23

Mitigation ($bn)
Adaptation ($bn)

Figures for adaptation and mitigation have been rounded to one decimal for presentation purposes.

Figure 6: Overview of IBRD and IDA Climate Financing
FY21–FY23 IBRD and IDA Adaptation & Mitigation
Climate Financing ($billion and %)
42%

36%

39%

38%
31%

5.6

33%
4.3

IBRD FY23:

Adaptation: 29%
11.4

6.0

7.6

6.2

5.0

General Capital Increase Policy Commitment:
Increasing the IBRD climate ﬁnance target of
28 percent by FY20 to an average of at least
30 percent over FY20-FY23, with this ambition
maintained or increasing to FY30.

7.2
4.8

39% or $13.2 billion
Adaptation: 54%

FY21

FY22
IBRD Mitigation
IBRD Adaptation

Mitigation: 71%

IDA FY23:

7.9

6.8
3.9

42% or $16.2 billion

Mitigation: 46%

FY23
IDA Mitigation
IDA Adaptation

IDA20 Policy Commitment: At least 35 percent
climate ﬁnance on average over FY23-FY25,
with at least half supporting adaptation.

25

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

Figure 7: Share of World Bank (IBRD/IDA) Projects with Climate Financing
FY21–FY23 Share of World Bank Projects with
Climate Financing

FY21–FY23 Share of IBRD and IDA Projects with Climate
Financing
96%

93%
92%

29

33

95%

13

90%

91%

93%
94%

98%

400

384

309

FY21

FY22

FY23

FY21

FY22

Number of Projects with Climate Financing
Number of Projects without Climate Financing% of Projects with Climate Financing

FY23

IBRD
IDA

Figure 8: Climate Finance Committed in FY23 by Income GroupFY23 Climate Financing by Income Groups ($bn)

2.4

Low income

Lower Middle income

2.3

4.3

2.9

6.4

Upper Middle income

2.3

3.8

2.4

High income 0.7 0.1

Multi-regional

0.7

0

1.1

5.0

10.0

IBRD Mitigation Co-Beneﬁts
IBRD Adaptation Co-Beneﬁts

26

15.0
IDA Mitigation Co-Beneﬁts
IDA Adaptation Co-Beneﬁts

20.0

25.0

5. METRICS AND TARGETS

Box 6: Coverage of the World Bank’s GHG Accounting
Methodologies
SectorProject Types Covered

Agriculture

Land-use change, crop production, grassland, livestock, land degradation, wetlands, fertilizers,
irrigated crops, agribusiness value chain, fisheries, and aquaculture

EnergyTransmission and distribution, power generation (fossil fuel, solar, wind, geothermal, and hydro,
including pumped-storage) supply- and demand-side energy efficiency, and energy access

Forestry

Afforestation/reforestation, and sustainable forest management/fire control

Transport

Roads, rail, waterways, and urban transport

Water and
Sanitation

Water treatment plants, wastewater treatment plans, desalination plants, wastewater reuse,
multipurpose water reservoirs, and irrigated rice

Urban

Solid waste management

Framework for GHG accounting in 2012. Along with
applying an internal shadow price of carbon20 in
the economic analysis to incorporate the impactof GHG emissions, GHG accounting is increasingly
used as the primary means to assess and avoid carbon lock-in or transition risks at the World Bank.
The World Bank’s GHG accounting methodologies cover key sectors with high GHG mitigation
potential: energy, forestry, agriculture, transport,
water and sanitation, and urban (see Box 6). Methodologies are periodically revised and informed byexperience, our evolving business needs, the evolution of international methodologies,21 methodologies and guidelines adopted by the IFI TWG, andpublicly available methodologies.22 All IBRD and
IDA IPFs in sectors with approved or endorsed
methodologies that exceed predefined thresholds
specified for each activity are mandated to undertake GHG accounting.   At the project level, GHG
accounting23 is conducted as an ex-ante estimateof GHG emissions.
Since FY18, the World Bank has operated aquality assurance process to ensure GHG estimations are robust before they are reported externally.
This includes both internal reviews and engage-

ment of an independent third-party verification
process. GHG indicators are publicly reported forboth the World Bank and the World Bank Group in
the organizations’ Corporate Scorecards.

Metrics for World Bank Corporate
Activities
Internal GHG Emissions
Buildings operations, together with travel, constitute the largest sources of GHG emissions
For more information, visit here.  
This includes the UN Framework Convention on Climate
Change’s Clean Development Mechanism, Verra and GHG protocol standards.
22  This includes the Food and Agriculture Organization’s
Ex-Ante Carbon-Balance (ExAct) Tool, the Highway Development and Management Model Four (HDM-4) Software, and
the Advanced Practices for Environmental Excellence in Cities(APEX, developed with IFC).
23  The thresholds for activities vary and have been set inagreement with the World Bank Group’s Global Practices withapproval from the respective directors. Agriculture and forestry projects are required to report GHG emissions if the net
GHG emissions exceed 20,000 tCO2e per year. Transport activities and energy transmission and distribution activities havea threshold of $15 million for each project sub-component.
Energy access projects have a threshold of $5 million for
20  
21  

27

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

for the World Bank’s current carbon footprint.24
The World Bank measures direct (Scope 1) andindirect (Scope 2) GHG emissions for our internal operations based on site-specific data for
facilities.25 For methodology details and data,
please see the Inventory Management Plan on the
Corporate Responsibility website. In FY22, Scope
1 emissions from the World Bank’s global facilities decreased by 28 percent from FY21. While
the World Bank’s building occupancy rose compared to pandemic-related shutdowns, our dependence on diesel generators decreased, resulting inan overall reduction in Scope 1 emissions. Scope
2 emissions from the World Bank’s global facilities remained the same as in FY21, even with thepartial return of staff to the office, due to energy
efficiency projects implemented during pandemic-related shutdowns.
The World Bank measures indirect GHG emissions globally from business air travel and contractor-owned vehicles. Beginning in FY20, Scope
3 emissions expanded to include emissions fromWorld Bank headquarters food procurement, calculated with the World Resource Institute’s Cool
Food Pledge.
Business air travel emissions represent mostScope 3 emissions. FY22 carbon emissions frombusiness air travel increased from FY21 (pandemic levels) but were only 24 percent of FY19
(pre-pandemic) levels.

GHG Emissions Intensity
Overall, the FY22 Scope 1 and 2 emissions intensity
for the World Bank’s 169 global facilities (in over
140 countries) decreased by 5.5 percent from FY21.

each sub-component. Water projects have thresholds of >18.5 gCO2e/kWh and > 2,500 tCO2e/km2 for projects withmulti-purpose reservoir (water and hydro electricity generation) and hydroelectric components and those with only a reservoir component, respectively.
24  The World Bank does not disaggregate GHG emissions ofour global facilities between IBRD and IDA.
25  Data lag by one fiscal year due to timing of data collection.

Table 1: Scope 1, 2, and 3 GHG Emissions (tCO2eq)
GHG Emissions

FY18

FY19

FY20

FY21a

FY22

Scope 1

8,490

7,114

8,348

6,317

4,539

43,66342,65436,84329,05929,016—

198,568

135,699

4,398

51,925

Scope 2
Scope 3bWorld Bank facilities were closed or at reduced occupancy and travel was at a minimum for most of FY21.
Data are for all World Bank facilities worldwide and include Scope 1, Scope 2, and Scope 3 business travel and headquarters’ foodprocurement emissions. Scope 3 business air travel emissions include radiative forcing and exclude GEF and MIGA business air travelemissions, whereas those are included in the World Bank’s GRI report. FY20 includes the addition of Cool Food Pledge emissions fromWorld Bank headquarters food procurement. Details have been captured in the Inventory Management Plan.
ab

Table 2: Emission Intensities
Emission Intensities

FY18

FY19

FY20

FY21

FY22

Scope 1 and 2a

0.085

0.080

0.071

0.055

0.052

—

11.52

7.64

0.24

2.74

Scope 3ab

28b

In tCO2eq per square meter.
In tCO2eq per full-time equivalent.

5. METRICS AND TARGETS

Table 3: World Bank Energy Intensity (Gigajoules per Square Meter)
FY18

FY19

FY20

FY21

FY22

0.77

0.74

0.74

0.61

0.56

Energy Intensity Ratio

porate environmental impacts is aligned with our

The World Bank’s owned and managed facilities continued to increase energy efficiency (reduce energyuse), going from 0.77 gigajoules per square meter in
FY18 to 0.56 gigajoules per square meter in FY22.

institutional mission to reduce poverty. Increasing the efficiency of how we run our business at
both the facility and staff level reduces natural
resource waste and decreases the cost of day-today operations.

Targets for the World Bank
Corporate Activities

The World Bank Group has set two goals foremission reductions: (1) reduce absolute carbon
emissions from our own global facilities by 28 percent by 2026, compared with a 2016 baseline;26

Corporate Sustainability Targets
The world’s poor remain most impacted by environmental degradation. Hence reducing our cor-

28% target includes all five organizations within the institution, for which IBRD/IDA currently emits approximately 80%
of global emissions.
26  

Box 7: Selected World Bank Corporate Real Estate Sustainability
Metricsaa

36 green building certiﬁcations
on 33 buildings.
17 certiﬁcations in process.

13 Country Oﬃces with solar.
10 solar projects in progress.

48 GHG emission projects
in progress.

132,000 gigajoules of energy
savings since FY16.

141 megaliters of water
saved since FY16.

19,500 metric tons offacility-based GHG emissions
saved since FY16.

FY16 is the baseline year for the World Bank corporate target. The figures are as of FY22.

29

FY23 CLIMATE-RELATED FINANCIAL DISCLOSURES

and (2) reduce food-related emissions from cafeterias, coffee bars, and catering operations at headquarters by 25 percent by 2030.27 A comprehensive strategy to tackle the emissions target has
been revised and is being implemented by a WorldBank cross-functional team, with the Corporate

30

Responsibility Program and under the leadership of
the Global Corporate Solutions department, which
oversees World Bank facilities and staff services.

This goal extends to all World Bank Group’s institutions.

27  Looking Ahead
This latest disclosure is part of our commitment
to transparency about our assessment and integration of climate risks into our strategies and risk
management process.
Over the coming years, we will continue torefine our approach to climate risk, which includes
developing a methodology for scenario analysis and climate-risk stress testing and its application to sovereigns. Furthermore, we will continue todevelop appropriate climate-risk metrics that allow
us to measure, monitor, and manage climate risks.
We recognize that our key shareholders, investors, and stakeholders are keen to understandemissions and other climate-related implicationsof our corporate and development activities. We
are working to include a targeted set of indicatorsin the World Bank Group’s Corporate Scorecard

to capture and report on outcomes of World Bank
climate interventions. The new World Bank Group
Corporate Scorecard, which will be launched in
FY24, not only integrates climate but elevates it to acornerstone of the World Bank’s mission. It ensuresa robust methodology, indicators, and transparent underlying data to track climate mitigation andadaptation outcomes. In addition, the World Bank
Group has a commitment in CCAP 2021–2025 toreport on aggregate gross emissions for investment operations for which methodologies exist(tCO2eq/year).
As climate reporting is rapidly evolving, we
will continue to assess the impact of climate-related
factors on our strategy, business, financial performance, and risk management, and will enhance ourdisclosures in line with evolving global standards.

31

Disclaimer
The information set forth in this report is expressed
as of June 30, 2023, and is being provided by theInternational Bank for Reconstruction and Development (“IBRD”) and the International Development Association (“IDA”) (collectively in this document, the “World Bank”) using the frameworkof the recommendations of the “Task Force on
Climate-Related Financial Disclosures” (TCFD).
The report has been prepared for information purposes only, is not intended to be comprehensive,and does not constitute investment, financial, economic, accounting, legal, or tax advice or recommendations. Reliance upon this information is at
the sole discretion of the reader.
No representation or warranty, express or
implied, is made as to, and no reliance should beplaced on, the fairness, accuracy, completeness, orcorrectness of the information or any opinion contained in this report. The information contained inthis report should be considered in the context ofthe circumstances prevailing at the time and will
not be updated to reflect material developmentsthat may occur after the date of the presentation. Neither IBRD or IDA nor any of their affiliates,
agents, directors, employees, officials, or advisors
shall have any liability whatsoever (in negligence orotherwise) for any loss arising from any use of thisreport or its contents or otherwise arising in connection with this report.
This report includes non-financial metrics thatare subject to measurement uncertainties resulting from limitations inherent in the nature andthe methods used for determining such data. The
selection of different but acceptable measurement
techniques can result in materially different measurements. The precision of different measurement
techniques may also vary. The World Bank reserves

32

the right to update its measurement techniquesand methodologies in the future.
The inclusion of information contained in thisreport should not be construed as a characterization regarding the materiality or financial impact ofthat information.
Certain statements in this report are “forward-looking statements” including statements
related to the World Bank’s climate and other sustainability-related strategies, plans, developments,
targets and goals. The forward-looking strategies,
plans, developments, targets, and goals describedin this report are not guarantees or promises. Forward-looking statements speak only as of thedate they are made, and the World Bank assumes
no duty to and does not undertake to update forward-looking statements.
The information provided herein is based inpart on information from third-party sources that
the World Bank believes to be reliable, but that has
not been independently verified by the World Bank,and the World Bank does not represent that the
information is accurate or complete.
This report contains or references links to websites operated by third parties (“Third Party Websites”). These links are provided for information
purposes only. Third Party Websites are not undercontrol of the World Bank. The World Bank is not
responsible for the content of, or links contained in,any Third-Party Website, and the inclusion of such
links does not imply that the World Bank endorses,
recommends, or accepts any responsibility for thecontent of such Third Party Websites.
This document is not an offer for sale of securities of the World Bank in any jurisdiction or an inducement to enter into investment activity. Any offeringof World Bank securities will take place solely on the

Disclaimer

basis of the relevant offering documentation including, but not limited to, the prospectus, term sheet,
and/or final terms, as applicable, prepared by theWorld Bank or on behalf of the World Bank, and issubject to restrictions under the laws of several
countries. World Bank securities may not be offeredor sold except in compliance with all such laws.
All content (including, without limitation, thegraphics, icons, and overall appearance of the presentation and its content) are the property of theWorld Bank unless otherwise noted. The WorldBank does not waive any of its proprietary rights
therein including, but not limited to, copyrights,
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All photos, graphics and content are © World Bank,
unless otherwise noted.
For more information on ESG integration andthe World Bank’s approach to sustainable development, please visit the World Bank’s website https://​www.worldbank.org.

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