MDB Climate Finance Hits $43.1bn in 2018

• MDB Climate Finance Hits $43.1bn in 2018

An increase of over 22 percent on the previous year, boosting projects that help developing countries and emerging economies cut emissions and address climate risks – joint report.

Climate financing by the world’s largest Multilateral Development Banks in developing countries and emerging economies rose to an all-time high of $43.1bn in 2018, boosting projects that help developing countries cut emissions and address climate risks.

The World Bank disclosed that this represented an increase of more than 22 per cent from the previous year, where climate finance totalled $35.2bn.

This is also a 60 per cent increase since the adoption of the Paris agreement in response to the ever more pressing challenge of climate change, which disproportionately affects the poorest and most vulnerable.

The latest MDB climate finance figures were detailed in the 2018 joint report on Multilateral Development Banks’ climate finance, which combined data from 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.

These banks account for the vast majority of multilateral development finance globally. The 2018 report also summarised information on climate finance from the Islamic Development Bank , which joined the MDB climate finance tracking groups in October 2017.