14 Jun '18, 3pm

Climate Finance by Multilateral Development Banks Increased 30% to USD 35.2 billion in 2017

UN Climate Change News, 14 June 2018 - Climate financing by the world’s six largest multilateral development banks (MDBs) rose to a seven-year high of USD 35.2 billion in 2017 – an increase of 28 per cent on the previous year. The sharp increase has come in response to the ever more pressing challenge of climate change. Calls to galvanise climate finance were at the heart of events such as the One Planet Summit in Paris in December 2017, two years after the historic Paris Climate Change Agreement was adopted. Climate finance is crucial to enable developing countries green their economies and adapt to the inevitable impacts of climate change. The MDBs’ latest joint report on climate financing said $27.9 billion, or 79 per cent of the 2017 total, was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming in line with the obje...

Full article: https://unfccc.int/news/climate-finance-by-development-ba...

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