The world’s leading development banks are spending more than ever on climate mitigation and adaptation projects within emerging economies.
The latest annual report into financing from the six largest multilateral development banks (MDBs) showed climate financing hit $35.2 billion in 2017, a 28 percent rise on the previous year and the highest since recording began in 2011.
This figure climbs to $87 billion when combined with the $51.7 billion co-financing measures from public and private sources.
The data shows the growing awareness among financial institutions to commit funds to reduce emissions and prevent runaway climate change.
A combined 28 percent of the financing went into projects across Asia and the Pacific; 20 percent of the financing went into Latin America. 16 percent was invested in Sub-Saharan Africa.
Renewable energy was the highest recipient of funds, totalling $9.2 billion over the past year, showing the technologies’ enduring popularity among the financial community. This was followed by transport on $8.1 billion and energy efficiency received $3.9 billion.
Data was compiled from the European Bank for Reconstruction and Development (EBRD), African Development Bank, Asian Development Bank, European Investment Bank, the Inter-American Development Bank Group and the World Bank Group.
Source: Climate Action Programme