The World Bank Group (WBG) is a major provider of risk mitigation instruments ranging from insurance policies and guarantees aimed at improving the creditworthiness of projects, to contract-based instruments targeting the volatility of commodities and currencies. In this study, CPI provides an overview of general risk coverage offered through the WBG’s various member institutions, potential gaps compared to existing demand, and trends of risk coverage commitments for climate change. We conclude that, at least in theory, the WBG provides coverage against most risk categories, particularly those faced by private debt investors. Yet, despite its increasing commitment to addressing climate change – translated into an increased supply of risk mitigation instruments – few risk instruments appear to have been used at a significant scale to support climate related projects. We identify options that could improve this situation. First, a specific mandate for the WBG to broaden the use of its risk mitigation instruments for climate change could significantly increase their availability to and use by climate investors. Support could also enhance uptake of two specific kinds of instruments with significant potential for climate related projects: guarantees and index-based instruments.