Ten multilateral development banks on Monday (10) announced a joint commitment to expand financing aimed at helping low- and middle-income countries adapt to climate change, saying they expect to allocate US$185 billion to a range of adaptation and mitigation projects by 2030.
Of this total, US$120 billion will be provided from banks’ own resources and US$65 billion from private capital mobilization, said Ilan Goldwagen, President of the Inter-American Development Bank (IDB). Last year, development banks granted and mobilized a record $118 billion for climate action in low- and middle-income countries, he said.
Announced on the first day of the COP30 climate summit, held in Belém, the commitment of the MDBs strengthens the efforts of the host country and other countries to give greater focus to climate adaptation, in the face of rising sea levels and intensifying storms, fires, droughts and floods that have caused increasing losses around the world.
“Climate disasters are hitting harder and more frequently, costing the world more than $320 billion last year alone, by some estimates — with developing countries bearing most of the impact,” Goldwagen said.
In addition to the Inter-American Development Bank Group, the signatories are: the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.
In a statement, the development banks promised to coordinate their efforts, improve the level of investment risks, and enhance the method of measuring results. During the UN Climate Change Conference (COP30), they are also launching a new nature finance framework, aiming to develop high-quality financial products linked to environmental conservation and attract more private capital.
About The Author
