Multilateral Development Banks Release Joint Report on Climate Change Finance
November 2013: According to the 'Joint Report on MDB Climate Finance 2012,' the multilateral development banks (MDBs) spent nearly US$27 billion to address climate change during the 2012 fiscal year, with over US$21 billion dedicated to mitigation and almost US$6 billion to adaptation. From these resources, the Global Environment Facility (GEF) and the Climate Investment Funds (CIF) have contributed to US$2 billion.
Among the highlights, the report presents a summary of regional coverage of investments, noting that Latin America and the Caribbean have received 18 per cent of total funds, the highest share of MDB climate finance. It shows that renewable energy has received the largest share of mitigation finance, totaling 36 per cent, and underscores the MDBs' commitments to improve transparency of their investments and the goal to include better regional and sectoral level information in the future. The study also discusses key elements of methodological issues in order to avoid double-accounting.
Authors of the report include members 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 (IDB), the World Bank (WB) and the International Finance Corporation (IFC).