The World Bank Group has adopted a new Climate Change Action Plan, aiming to add 30GW of global renewable capacity by 2020.
The Climate Change Action Plan has been designed to help developing countries meet their Paris COP21 pledges and manage increasing climate impacts.
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, liveable cities for growing urban populations."
Under the plan, the bank plans to mobilise $25bn in private financing for clean energy by the end of this decade.
It will also create special teams to work with countries to generate a pipeline of bankable projects focused on areas such as rooftop solar and boosting the growth of distributed solar in Sub-Saharan Africa.
World Bank Group member International Finance Corporation (IFC) plans to increase its climate investments from the current $2.2bn a year to $3.5bn a year in grid-connected renewable energy, green buildings, industrial/commercial energy efficiency, and climate-smart urban infrastructure.
IFC also plans to add an additional $13bn a year in private sector financing by 2020. It will also continue to use financial instruments and advice to grow its business in distributed renewable energy, off-grid energy access, and climate-smart agriculture.
The bank will also quadruple funding for climate-resilient transport, integrate climate into urban planning through the Global Platform for Sustainable Cities, and boost assistance for sustainable forest and fisheries management.
World Bank Group sustainable development vice-president Laura Tuck said: "Climate change is the defining issue of our time and cannot be tackled through isolated actions, one sector at a time. The complexity of the challenge requires solutions that cut across many different sectors such as energy, water, agriculture, transport, urban planning, and disaster risk management.
"The World Bank is in a unique position to work with countries to develop the solutions that build their resilience to climate impacts, protect their people and environment, and reduce their emissions."
Image: World Bank will create special teams to help generate a pipeline of bankable projects focused on areas like rooftop solar. Photo: courtesy of franky242 / FreeDigitalPhotos.net.