Saturday 27 August 2016

Multilateral banks mobilised $81bn climate financing in 2015

Six of the world's largest multilateral development banks (MDBs) mobilised $81 billion (£61.37bn) to tackle climate change last year.

That included $25 billion (£18.94bn) of direct climate finance combined with a further $56 billion (£42.45bn) from other investors.

Their report shows MDBs delivered more than $20 billion (£15.15bn) on mitigation, i.e. cutting emissions and introducing renewables and $5 billion (£3.79bn) on adaptation, i.e. reducing climate vulnerability and increasing resilience to climate change.

Non-EU and Central Asia received the largest share of total funding at 20%, South Asia received 19% and Latin America and the Caribbean got 15%.

The EU itself received 13% of MDB spending.

Renewable energy took 30% of mitigation finance, lower carbon transport received 26% and energy efficiency activities got 14%.

John Roome, World Bank Group’s Senior Director for Climate Change said: "The 2015 year will go down in history as the end of the first chapter to transition the world to a low carbon, more resilient future. We are determined to do all we can to maintain the momentum and promise of the historic Paris climate change agreement.

"It’s why the Bank Group has ramped up its support for climate work post Paris, with an action plan laying out a clear roadmap to spur more investments in renewable energy, water, helping our crowded cities and saving our forests and promoting agriculture."