Development bank climate financing surpasses $27bn

14 Sep 17

The world’s six largest multilateral development banks increased their climate financing in developing countries to $27.4bn in 2016, up from $25bn the year before.

Of this total, $21.2bn (77%) was dedicated to climate mitigation finance and the remaining funds to climate adaptation.

With additional co-financing from other investors, the total funds mobilised for climate actions reached $65.3bn last year, according to a joint report issued by the banks this week.

South Asia received the largest share of the multilateral climate financing last year, with 20% of the funds, followed by East Asia and the Pacific with 19% and non-EU Europe and Central Asia with 18%. The Middle East and North Africa received 9%, while sub-Saharan Africa received the least climate finance with 7%. 

The six banks, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group have collectively committed over $158bn in climate finance during since they started reporting jointly on climate finance in 2011.

 “The World Bank Group is actively ing countries and companies around the world to reduce emissions, prepare for the impacts of climate change, scale up climate-smart investments, and meet the goals of the Paris Agreement,” said World Bank senior director for climate change John Roome.

The banks and the International Development Finance Club (IDFC) published the Common Principles for Climate Change Mitigation Finance Tracking in March 2015 and agreed on the Common Principles for Climate Adaptation Finance Tracking in July 2015.

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