The world’s six multilateral development banks have reaffirmed their shared commitment to continue to reinforce and further develop climate financing in advance of the United Nations Secretary-General’s Climate Summit being convened in New York on 23 September.
The African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and World Bank Group (WBG) together pledged to maintain a strong institutional focus on climate change.
This will include leveraging additional private sector investment, continuing to innovate and promote more robust and transparent climate finance tracking and reporting.
AfDB has committed to investing $10 billion as part of its Climate Change Action Plan covering the period 2011to 2015. The bank’s climate finance investment from 2011 to 2013 stands at $5 billion, putting it on target to deliver its commitment.
Since they began jointly tracking climate finance flows in 2011, the six multilateral development banks have delivered nearly $75 billion in financing to help developing countries and emerging economies respond to the challenges of climate change.
On average, about 80% of this lending has supported investment in mitigation activities and 20% to adaptation.