Development banks around the world, including the World Bank, pledged to increase their annual commitments to fight climate change in order to reach the promise of $100 billion (€88.04 billion) of annual funding for developing countries by 2020, World Bank President Jim Yong Kim said in Lima, Friday. The World Bank announced it will increase climate financing to potentially $29 billion (€25.53 billion) annually. This would mean an increase of its current commitment of 21 percent for climate financing to 28 percent in 2020. This was a tough decision for us, but it's the right thing to do," Kim Yong concluded. Lima is currently hosting the annual meeting of the International Monetary Fund (IMF) and World Bank. The meeting is aimed at implementing the Sustainable Development Goals that had been agreed upon at the recent UN General Assembly in New York, including a more eco-friendly industrial policy. Peru is the first Latin-American country since 1967 to host a meeting of the IMF and the World Bank.
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