Global debt hit a record high of $312 trillion at the end of the second quarter, driven by borrowing in the United States and China, while a key debt ratio in emerging markets also scaled a fresh peak,

In December, the Bank committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent starting in the fiscal 2025 year, which began in July.

The World Bank Group said on Thursday it delivered a record $42.6 billion in climate finance during fiscal 2024, a 10% increase over the $38.6 billion the prior year and close to its target of a 45% share of total financing devoted to climate projects.