Tackling climate change will require major social, economic and technological changes, many of which are costly and will require large investments.

To achieve our climate objectives, it will be critical to integrate climate and development and identify projects at the country level that tackle mitigation and adaptation and channel appropriate sources and structures of financing toward these projects in a manner that maximizes impact.

This is a complex goal from both the financing and project side, and will need to build on mitigation and adaptation diagnostics that show the trajectory of emissions, the major vulnerabilities, and the best climate interventions.

These are the pillars of the World Bank Group's new Climate Change Action Plan (CCAP), which we launched in April 2021, and in which we committed to increase our climate finance target to 35% of total commitments over the next five years, align our financing flows with the goals of the Paris Agreement, and achieve results that integrate climate and development.

A version of this article appears in the print on November 09, 2021, of The Himalayan Times.