MDBs pledge funding to tackle climate change

MDBs pledge funding to tackle climate change

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Paris: At the United Nations Framework Convention on Climate Change (COP21) in Paris, multilateral development banks (MDBs) have identified climate financing for development action as a crucial step for sustainable development. The heads of African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and the World Bank Group (WBG) have released a joint statement pledging to mobilize public and private finance to help countries reduce greenhouse gas emissions and adapt to climate change. It should be noted that the six institutions had already delivered $100 billion for climate action in developing and emerging countries in the four years since starting to track climate finance in 2011.

Source: World Bank