Six banks: The World Bank, The European Investment Bank (EIB), the Inter-American Development Bank (IDB), the Asian Development Bank (ADB), the African Development Bank (AfDB), and the European Bank for Reconstruction and Development (EBRD) provided a total of $25 billion in climate finance across the world last year. Renewable energy projects secured $6 billion in 2015 from multilateral banks. Out of that 46 billion, 20% has been allotted for adaptation projects and the remaining 80% directed toward mitigation projects. As solar tariffs become more competitive, project developers are looking to these multilateral banks to provide debt funding at a low cost.
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