The World Bank plans to allocate $150 billion to support climate projects over the next 10 years.

Axar.az reports that World Bank Vice President for Sustainable Development Juergen Voegele said at the event "Global Financial System: Boosting Climate Action Financing" during COP29 in Baku.

He noted that developing countries need $2.4 trillion annually until 2030 to reduce carbon emissions and adapt to climate risks.

Last year, the bank allocated $43 billion in climate financing for developing countries – one of the largest support volumes among similar funds, Voegele said.

According to him, the bank has developed new instruments, such as climate-resilient debt provisions, to help countries, especially small island states, when facing disasters.

"14 countries have already signed such agreements, allowing them to postpone or reduce debt payments when necessary, which significantly facilitates recovery," added the vice president.