The World Bank (WB) has alloted 28 percent of its current fiscal year budget for different projects that will address the issue of climate change.

"All of its future spending will take global warming into account, and all projects considered for WB funding, including health and education, will now be screened for climate change resiliency," a statement released by the bank on Thursday, April 7 said.

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Refocusing investment towards green initiatives represents a significant adjustment to its overarching mandate to reduce global poverty. Jom Yong Kim, president of the World Bank, said in a statement that 100 million additional people could be plunged into poverty by 2030 because of climate change.

"This is a fundamental shift for the World Bank. We are putting climate change into our DNA. The climate related disaster such as food insecurity and drought could to push another 100 million people into poverty within the next 15 years", the bank said. In the last Paris conference of Parties (known as COP 21) in December, 2015, it was agreed that developed countries would provide fund to developing countries involved in the pact amounting to about $100 billion by 2020.

To start with, the World Bank group will support an investment to the tune of $16 billion annually on climate change projects including renewable energy development to power 150 million houses; work towards supporting the construction of early warning systems for climate-related disasters; develop project to support "smart" agriculture systems; and finally, support different government in developing transport and urban infrastructure programs that will produce less carbon.

TagsWorld Bank, Poverty, Climate Change