Multilateral Development Banks Increase Funding to Tackle Climate Challenge

The world’s six largest multilateral developments banks (MDBs) continued to make a strong contribution to the global climate challenge in 2016, increasing their climate financing in developing countries and emerging economies last year to $27.4 billion from $25 billion in 2015.

Of this total, $21.2 billion or 77 percent was dedicated to climate mitigation finance, with the remaining 23 percent devoted to climate adaptation. Combined with additional co-financing from other investors, the total amount of finance mobilized for climate action reached $65.3 billion last year. The MDBs have reported jointly on climate finance since 2011. Collectively, the banks have committed over $158 billion in climate finance during the past six years.

Cross posted from the World Bank