{"id":57844,"date":"2020-08-09T00:56:36","date_gmt":"2020-08-08T22:56:36","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=57844"},"modified":"2020-08-09T00:56:36","modified_gmt":"2020-08-08T22:56:36","slug":"7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/","title":{"rendered":"7 MDBs earmark $61.6\u00a0bn for climate financing in 2019"},"content":{"rendered":"

Seven of the world\u2019s largest multilateral development banks (MDBs) allocated $61.6\u00a0billion \u00a0for climate financing in 2019. About $41.5\u00a0billion of the total sum went to low- and middle-income economies, according to the\u00a02019 Joint Report on Multilateral Development Banks\u2019 Climate Finance<\/a>.<\/p>\n

The study expands the scope of reporting\u00a0<\/strong>for the first time\u00a0<\/strong>to all countries of operation. It now provides data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.<\/p>\n

This year the report combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB)<\/a>, the Inter-American Development Bank Group (IDB Group), the World Bank Group (WBG) and \u2013 for the first time \u2013 the Islamic Development Bank (IsDB), which joined the working group in October 2017. In 2019, the Asian Infrastructure Investment Bank (AIIB) also joined MDB working groups, and its data are presented separately within the current report.<\/p>\n

Vice-President Emma Navarro, responsible for climate action and the environment, said:\u00a0\u201cMDBs 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.\u00a0As 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.\u201d<\/p>\n

The 2019 report shows that $46.6\u00a0billion \u2013 or 76% of total financing for the year \u2013 was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming. Of this, 59% went to low- and middle-income economies.<\/p>\n

The remaining $15\u00a0billion, or 24%, was invested in adaptation efforts to help countries build resilience to the mounting impacts of climate change, including worsening droughts and more extreme weather events, such as extreme flooding and rising sea levels. 93% of this finance was directed at low- and middle-income economies.<\/p>\n

Additional climate funds channeled through MDBs, such as the Climate Investment Funds (CIF), the Global Environment Facility (GEF) Trust Fund, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the European Union\u2019s funds for Climate Action, and the Green Climate Fund (GCF), play an important role in boosting MDB climate financing. In 2019, the MDBs reported a further $102.7\u00a0billion in net climate co-finance \u2013 investments from the public and private sector \u2013 taking total climate activity financed in the year to $164.3\u00a0billion.<\/p>\n

The report shows that the MDBs are on track to deliver on their increased climate finance levels. In New York in 2019, the MDBs\u2019 high-level statement highlighted that their global annual climate finance was expected to collectively total at least $65\u00a0billion, with $50\u00a0billion for low- and middle-income countries by 2025, and that MDB adaptation finance was expected to double to $18\u00a0billion by 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Seven of the world\u2019s largest multilateral development banks (MDBs) allocated $61.6\u00a0billion \u00a0for climate financing in 2019. About $41.5\u00a0billion of the total sum went to low- and middle-income economies, according to the\u00a02019 Joint Report on Multilateral Development Banks\u2019 Climate Finance. The study expands the scope of reporting\u00a0for the first time\u00a0to all countries of operation. It now […]<\/p>\n","protected":false},"author":410,"featured_media":57847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,984],"tags":[6325,6943],"yoast_head":"\n7 MDBs earmark $61.6\u00a0bn for climate financing in 2019 - Csr Egypt<\/title>\n<meta name=\"description\" content=\"Seven of the world\u2019s largest multilateral development banks (MDBs) allocated $61.6\u00a0billion \u00a0for climate financing in 2019.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 MDBs earmark $61.6\u00a0bn for climate financing in 2019 - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"Seven of the world\u2019s largest multilateral development banks (MDBs) allocated $61.6\u00a0billion \u00a0for climate financing in 2019.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Csr Egypt\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/csregypt\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-08T22:56:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/csregypt.com\/wp-content\/uploads\/2020\/08\/7ab47e02-8a9b-4fdf-8a27-f52e937f52aa.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1377\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marwa Zein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:site\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marwa Zein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\"},\"author\":{\"name\":\"Marwa Zein\",\"@id\":\"https:\/\/csregypt.com\/#\/schema\/person\/5df2c73ec5c5eaada424a85f98cd7bec\"},\"headline\":\"7 MDBs earmark $61.6\u00a0bn for climate financing in 2019\",\"datePublished\":\"2020-08-08T22:56:36+00:00\",\"dateModified\":\"2020-08-08T22:56:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\"},\"wordCount\":525,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/csregypt.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/csregypt.com\/wp-content\/uploads\/2020\/08\/7ab47e02-8a9b-4fdf-8a27-f52e937f52aa.jpg\",\"keywords\":[\"#Climate Change\",\"#MDBs\"],\"articleSection\":[\"contribute to solution\",\"news\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\",\"url\":\"https:\/\/csregypt.com\/en\/7-mdbs-earmark-61-6-bn-for-climate-financing-in-2019\/\",\"name\":\"7 MDBs earmark $61.6\u00a0bn for climate financing in 2019 - 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