Multilateral development banks (MDBs) have a key role to play in combating climate change, said development experts at this year's Conference of the Parties, COP28, convened as climate concerns grow and global initiatives to curb environmental degradation multiply.
MDB representatives discussed, during a side event, how the MDBs could further foster climate resilience and sustainable solutions collaboratively and take a country-level focus.
Al Hamndou Dorsouma, Acting Director of the Climate Change and Green Development Department at the African Development Bank, called for comprehensive action and the need for a county-level focus. MDBs, he said, must collectively co-finance country-level projects.
"In our roles as MDBs, we recognize the urgent need for enhanced contributions to combat climate change."
Adaptation is the cornerstone of action for African countries, Dorsouma said, citing the Bank's proactive role in supporting 46 investment projects across 36 nations. He also highlighted the launch of the Country Adaptation Investment Compacts with Kenya, Tanzania, Nigeria, Mozambique, and Senegal, to bolster country-led adaptation initiatives.
Graham Watkins, from the Inter-American Development Bank (IDB), pointed to productive collaborations in Latin America and the Caribbean. "Our concerted actions on the ground, combined with joint initiatives alongside entities like the European Investment Bank and Agence française de développement, signify the momentum in these regions."
Watkins said that several countries in these regions are actively formulating country climate and development frameworks-- Colombia, Costa Rica, Chile, Uruguay, Dominican Republic, and Barbados. He also highlighted the IDB's instrumental role in providing technical assistance to Peru and Brazil in their National Determined Contributions and climate strategies.
Watkins added, "Our initiative supports local banks in formulating investment strategies and identifying green projects, with active initiatives already underway in countries like Morocco and Egypt."
The MBS understand that effective climate requires their collaboration, the engagement of local banks, and regional collaboration and a shift to a programmatic approach structured around country-driven platforms with clear, ambitious, and monitorable targets. With their various mandates, country relationships, operating models, and expertise, the MDBs are committed to collective global action, and innovative and collaborative strategies to address the growing climate crisis.
