Multilateral development banks deliver $ 24 b in climate change financing in 2013

Wednesday, 24 September 2014 00:00 - - {{hitsCtrl.values.hits}}

Six leading multilateral development banks (MDBs) provided almost $ 24 billion worldwide in financing in 2013 for projects in developing and emerging economies that address the challenges of climate change, according to the third annual joint MDB report on climate finance. The report, released on Friday demonstrates the shared engagement expressed by the six MDBs last week to reinforce transparency of their financing in climate change mitigation and adaptation. The report was prepared by the African Development Bank, the Asian Development Bank (ADB), the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, and the World Bank Group. The new report analyses the financial commitments from the institutions to support climate change mitigation and adaptation, and the information provided has been expanded to include both a more detailed sector based breakdown and a split between public and private operations, as well as a regional breakdown of MDB financing. “ADB shares the commitment of other MDBs to enhance climate finance action in support of low-carbon and climate-resilient growth in developing countries. One of our key thrusts is through Finance++, where ADB’s own finance is used to leverage resources through partnerships as well as providing knowledge to maximise and accelerate development effectiveness,” said Bindu N. Lohani, ADB’s Vice-President for Knowledge Management and Sustainable Development. From the total $ 24 billion in climate finance provided in 2013, 80%, or $ 19 billion, was dedicated to mitigation and 20%, or nearly $ 5 billion, to adaptation. Of the total commitments, 9%, or $ 2 billion, came from external resources, such as bilateral or multilateral donors. The regional coverage for 2013 is quite balanced with two regions (East Asia and the Pacific, Non-European Union Europe and Central Asia) each receiving roughly 20% of total climate finance provided, and four regions (South Asia, Sub-Saharan Africa, Latin America and the Caribbean, European Union New Member States) 10%-15% each. Concerning investment in different sectors, 22% of adaptation finance supported coastal and riverine infrastructure including built flood protection infrastructure, and 30% went to the category comprising energy, transport, and other built environment and infrastructure. In mitigation finance, renewable energy still takes by far the largest share, with 25% of the total.The MDBs believe that setting meaningful targets and identifying opportunities for climate finance requires consistent and robust data. This report is therefore based on the common climate finance tracking methodology that MDBs have developed. MDBs will continue reaching out to other interested parties, as they have done throughout this year and in earlier years, to share knowledge and experience on climate finance tracking. The MDBs believe their experiences in developing and reporting using the joint approach will pave the way for continued partnership with other financial institutions, including the members of the International Development Finance Club, the United Nationals Framework Convention on Climate Change, and others, and will continue to work closely with them.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.