MDB climate finance reached $61 billion in 2019
Based on the 2019 Joint Report on Multilateral Development Banks’ Climate Finance, seven of the world’s largest multilateral development banks (MDBs) including ADB, were able to mobilize $61.6 billion in 2019, with $41.5 billion (67%) for low- and middle-income economies.
Of the total amount, 76% or around $46.6 billion was used to finance climate change mitigation interventions that aim to reduce harmful greenhouse gas emissions and slow down global warming.
About $15 billion, or 24%, was invested in adaptation activities to help countries improve their resilience to the increasing risks brought about by climate change, build resilience to the mounting impacts of climate change, such as worsening droughts and flooding.
The seven major MDBs are have come together in monitoring their efforts in addressing climate change consist of the Asian Development Bank (ADB), the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the World Bank Group and—for the first time—the Islamic Development Bank, which joined the working group in October 2017. The Asian Infrastructure Investment Bank has just joined the MDB working groups in 2019, and its data is presented separately in the report.
The Joint Report on Multilateral Development Banks’ Climate Finance is a yearly collaboration among all MDBs to share to the public their efforts on climate finance. The report also presents a clear explanation of the methodologies for tracking this finance. This joint collaborative report aims to track progress in climate finance vis-à-vis targets that have been set forth by global commitments like the Paris Agreement, on top of the MDB’s respective reporting mechanisms.