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Multilateral development banks climate finance hit record high of US$ 43.1 billion in 2018

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Christian Fernsby ▼ | June 21, 2019
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World   This represents an increase of more than 22 per cent from the previous year

Climate financing by the world’s largest multilateral development banks (MDBs) in developing countries and emerging economies rose to an all-time high of $43.1 billion in 2018, boosting projects that help developing countries cut emissions and address climate risks.

This represents an increase of more than 22 per cent from the previous year, where climate finance totalled $35.2 billion.

This is also a 60 percent increase since the adoption of the Paris agreement in 2015 response to the ever more pressing challenge of climate change, which disproportionately affects the poorest and most vulnerable.

The latest MDB climate finance figures are detailed in the 2018 Joint Report on Multilateral Development Banks’ Climate Finance, which combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG) and the World Bank Group (WBG).

These banks account for the vast majority of multilateral development finance globally.

The 2018 report also summarises information on climate finance from the Islamic Development Bank (IsDB), which joined the MDB climate finance tracking groups in October 2017.

The report shows that US$ 30.2 billion, or 70 per cent, of the total financing for 2018 was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming.

The remaining US$ 12.9 billion, or 30 per cent, was invested in adaptation efforts to help address mounting impacts of climate change, including worsening droughts and more extreme weather events from extreme flooding to rising sea levels.


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