The World Bank has unveiled new climate change action plan, which intends to speed up efforts to tackle climate change in the next five years.
Under the plan, the bank will help developing countries deliver on their national climate plans submitted for the climate agreement reached at COP21 in Paris in December 2015.
The bank plans to help developing countries add 30GW of renewable energy, enough to power 150 million households, to the world’s energy capacity.
The plan aims to bring early warning systems to 100 million people and develop climate-smart agriculture investment plans for about 40 countries by 2020.
World Bank Group president Jim Yong Kim said: "Following the Paris climate agreement, we must now take bold action to protect our planet for future generations."
"We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, livable cities for growing urban populations.
"Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them."
IFC, a member of the World Bank Group, intends to expand its climate investments to $3.5bn per year from the current $2.2bn a year.
The World Bank also plans to mobilize $25bn in commercial financing for clean energy in the next five years.
The bank said it will also continue to expand its work to help countries put a price on carbon pollution in creating incentives for public and private sector decision makers to make the appropriate climate choices.