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Development banks' climate financing climbs to USD 43.1bn in 2018

Source: EBRD.

June 13 (Renewables Now) - The six largest multilateral development banks (MBDs) committed last year USD 43.1 billion (EUR 37.9bn) in climate financing in developing and emerging countries in support of climate action initiatives.

In year-on-year terms, this amount represents an increase of more than 22%, according to the 2018 Joint Report on Multilateral Development Banks’ Climate Finance.

The report compiles climate financing data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG) and the World Bank Group (WBG).

The six MDBs invested USD 30.2 billion to fund projects aimed at cutting greenhouse gas emissions and slowing down global warming. Of this amount, USD 8.65 billion, or 29%, supported investments in renewable energy.

The remaining USD 12.9 billion represented the so-called adaptation finance, which was aimed at dealing with immediate impacts of climate change, such as droughts, extreme weather events, flooding, among others.

The total climate finance in 2018 goes up further to USD 111.2 billion, once net climate co-financing of USD 68.1 billion is taken into account.

The top three regions that invested the MDBs-supported financing were Sub-Saharan Africa, Latin America and the Caribbean, and South and East Asia.

Since the six MDBs started tracking and reporting their climate financing in 2011, they have collectively invested close to USD 237 billion in developing and emerging economies.

(USD 1.0 = EUR 0.88)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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