Seven of the world’s biggest multilateral development banks (MDBs) ploughed $61.6b billion (£47.2bn) into climate finance in 2019.
The African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB Group), the World Bank Group (WGB) and the Islamic Development Bank (IsDB) sent 67% of this funding into low and middle-income economies, totalling $41.5 billion (£32bn).
Climate change mitigation investments aimed at reducing harmful greenhouse gas emissions attracted around $46.6 billion (£36bn), making up around 76% of total financing for the year – almost 60% of this money was invested in low and middle-income countries.
The remaining quarter of the financing, worth around $15 billion (£11bn), was invested in climate adaptation efforts to help countries increase their resilience against extreme weather and changing environments – the vast majority of this was sent to support low and middle-income economies, who are in many cases the most vulnerable nations in the face of climate change.
EIB Vice President Emma Navarro, responsible for climate action and the environment, said: “MDBs have a key role to play in ensuring a green recovery that is inclusive and aligned with the Paris Agreement. The report published today shows that our MDB family is on track to meet our commitments to scale up support for climate change mitigation and adaptation projects.
“At the EIB, we are determined to continue our strong contribution to those efforts. Last year, our bank represented one-third of total MDB climate finance, and around half of our financing in low and middle-income countries targeted climate action projects. As the EU climate bank, we stand ready to work with our MDB peers and other stakeholders to support a green recovery in every country where we work.”