Title page 1

Contents 3

Abstract 1

Introduction 4

Allocation across and within countries and sectors 5

Project selection and design - PAD details 7

An analysis of 2024 climate finance PADs 10

The efficacy of mitigation spending 13

Conclusion 14

TABLE 1. World Bank commitments by sector as a percentage of total, FY 2015-24 7

TABLE 2. Summary data, 2024 World Bank climate projects 11

FIGURE 1. Non-SPC rates of return versus reported adaptation share 12

FIGURE 2. Non-SPC rates of return versus reported mitigation share 12

FIGURE 3. Rate of return increase from adding SPC versus reported mitigation share 14

Annex Table 1. Recent IDA and IBRD investment projects 16

Annex Table 2. Recent IDA energy generation projects 21

Annex Table 3. 99.5-100 percent climate projects in 2024 22

Annex Table 4. Energy generation projects in 2024 24