MDBs up climate financing volumes
13 June 2018
ADB

Climate financing by the world’s six largest multilateral development banks (MDBs) – the World Bank group, African Development Bank, Asian Development Bank, EBRD, EIB and the Inter-American Development Bank group – rose to a seven-year high of $35.2 billion in 2017, up 28% from the previous year. The MDBs’ latest joint report on climate financing says $27.9 billion, or 79% of the 2017 total, was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming. The remaining 21%, or $7.4 billion, of financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change such as unusual levels of rain, worsening droughts, and extreme weather events.

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