The world’s six largest multilateral development banks (MDBs) committed over USD 43 billion in climate financing to support climate action initiatives.
Climate financing therefore increase by 22% compared to the previous year, according to the 2018 Joint Report on Multilateral Development Banks’ Climate Finance. Since 2011, when the six MDBs started tracking their climate financing, MDBs have collectively invested over USD 235 billion in developing and emerging economies.
The data was compiled using climate financing initiatives from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group.
Of the USD 43.1 billion invested, USD 8.65 billion, or 29%, supported renewable energy initiatives and projects. USD 12.9 billion was invested in adaptation measures that aim to support nations affected by the immediate impacts of climate change, including droughts, extreme weather events or flooding.
When co-financing projects are taken into account, the total climate financing in 2018 goes up to USD 111.2 billion.
Latin America and the Caribbean were among the top three regions that invested the MDBs-supported financing.