Multilateral Development Banks agree to reinforce climate financing in advance of UN summit

12 September 2014
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The AfDB is strongly committed to financing climate resilient and low-carbon development in Africa.

Abidjan, Côte d'Ivoire - The world's six multilateral development banks on Thursday, September 11 reaffirmed their shared commitment to lead by example by continuing to reinforce and further develop climate financing through a joint statement issued in advance of the United Nations Secretary-General's Climate Summit being convened in New York on September 23.

The African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and World Bank Group (WBG) together pledged to maintain a strong institutional focus on climate change. This will include leveraging additional private sector investment, continuing to innovate and promote more robust and transparent climate finance tracking and reporting.

AfDB has committed to investing US $10 billion as part of its Climate Change Action Plan covering the period 2011-2015. The Bank's climate finance investment from 2011 to 2013 stands at US $5 billion; therefore it is on target to deliver its commitment.

Since they began jointly tracking climate finance flows in 2011, the six multilateral development banks have delivered nearly US $75 billion in financing to help developing countries and emerging economies respond to the challenges of climate change. On average, about 80% of this lending has supported investment in mitigation activities and 20% to adaptation.

The statement also confirmed the intention of the multilateral development banks to count and track climate finance investments in the same way. This is expected to enable greater cooperation and shared experience between the banks and other financial bodies involved in climate action.

With their ability to catalyze public and private funds, the multilateral development banks have successfully attracted and deployed climate financing to support low-carbon resilient growth in developing countries and emerging economies.

AfDB contacts

Technical contact: Uzoamaka Nwamarah, Senior Climate Change Specialist, Energy, Environment and Climate Change Department, u.nwamarah@afdb.org.

Media contact: Penelope Pontet de Fouquières, Communications Specialist, Energy, Environment and Climate Change Department, p.pontetdefouquieres@afdb.org

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2014 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.