Boosting projects that help developing countries cut emissions and address climate risks, climate financing by the world’s six largest multilateral development banks (MDBs) rose to a record high of $43.1 billion in 2018, up more than 22% on the previous year, the European Bank for Reconstruction and Development (EBRD) said in a joint press release on 13 June. The previous year climate finance totalled $35.2 billion.

According to the EBRD, this is also a 60% 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 MDBs are key partners in drawing more private sector investors and large institutional investors into the green finance sector,” EBRD’s Energy Efficiency and Climate Managing Director Josué Tanaka said.

“Green finance is central to what we do at the EBRD. We are well on the way to achieving our goal of 40 per cent of EBRD investments being in the green sector by 2020, as well as mobilising significant amounts of private sector finance to complement our own investments in line with our philosophy of working with the private sector.”

 

Full article available: https://www.neweurope.eu/article/climate-finance-by-major-development-banks-hit-record-high/

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