There was $66 million (£47.7m) of climate finance from multilateral development banks (MDBs) last year according to a new report.

The report, written by a collection of MDBs and spearheaded by the European Bank for Reconstruction and Development (EBRD), has stated that 58% of this was provided to low and middle-income economies.

It also reveals that throughout the last decade, MDBs have jointly given $257 billion (£185.7bn) of climate finance to accelerate global decarbonisation.

In 2019, they collectively committed to providing $50 billion (£36bn) of climate finance to low and middle-income economies by 2025.

The report states: “The MDBs will continue to improve their tracking and reporting of climate finance in the context of their commitments to ensure consistent financial flows to the countries’ long-term, low carbon and climate-resilient development pathways, as established in the Paris Agreement”.