Multilateral banks issue $28bn for climate projects

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Multilateral banks issue $28bn for climate projects

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The world’s six large multilateral development banks (MDBs) provided more than $28 billion (£17.8bn) for climate projects last year.

The cash was used to help developing nations and emerging economies mitigate and adapt to the challenges of climate change.

A joint report has been published by the 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 (IDB) and the World Bank Group (WBG).

Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change said: “This joint report on climate finance shows our track record of mobilisation of both public and private finance for energy efficiency, renewable energy, clean transport, water management and landscape management. We plan to do more.

“In particular, as the major channel of funding for adaptation we are concerned to increase investment in resilience where support is urgently needed now to support those who are most vulnerable.”

Out of the total commitments in 2014, 91% of the funding came from MDBs’ own resources while the remaining 9% – or $2.6 billion (£1.7bn) – came from donors and climate investment funds.

South Asia received the largest share of the total funding at 21%.

The latest figures bring the total collective commitments of the last four years to more than $100 billion (£63.6bn)

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