Climate-related foreign aid is on the rise, with signatories to the Paris Climate agreement pledging US$100 billion annually to promote mitigation and adaptation in recipient countries. While this seems like a welcome development, we have little evidence that climate aid actually encourages...

This retrospective examines how the World Bank's strategic use of climate-related trust funds has enabled it to play an outsized role in catalyzing climate action worldwide for nearly 30 years. By looking back at the history of climate and carbon finance, with a focus on the pioneering role of...