MegaBanner-Right

MegaBanner-Left

LeaderBoad-Right

LeaderBoard-Left

Home » Industry News » Business Advisory & Financial Services News » MDBs climate finance rose to $66 bn in 2020, joint report shows

MDBs climate finance rose to $66 bn in 2020, joint report shows

CLIMATE finance committed by major multilateral development banks (MDBs) rose to a total of $66 billion last year from $61.6 billion in 2019, according to the 2020 Joint Report on Multilateral Development Banks’ Climate Finance published recently. Of this, 58 per cent – or $38 billion – was committed to low- and middle-income economies.

The total climate co-finance committed during 2020 alongside MDB resources was $85 billion. Together, MDB climate finance and climate co-finance totalled more than $151 billion. The amount of private direct mobilisation stood at $5.9 billion.

Accelerating the transition to low-carbon and climate-resilient economies through climate finance is a key element of the MDBs’ effort to align their activities with the objectives of the 2015 Paris Agreement to keep global warming well below 2°C, with efforts to limit it to 1.5°C, along climate-resilient development pathways. In the past six years, the MDBs have jointly committed a total of $257 billion in climate finance, of which $186 billion was directed at low- and middle-income economies.

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

Using data to increase access to water for shared prosperity in Africa

Satyajit Dwivedi, regional director, EMEAP, energy utilities, mining & metals, public sector, SAS DATA will play an invaluable role in helping public and private sector...

Benefits of using LPGas in South Africa

Due to the onset of loadshedding, many South Africans have increasingly turned to alternative energy sources to power their homes, businesses and the like....

MUST READ

City delivering real change

Behind every budget line, every policy, and every project there are real people, real challenges, and a shared future we are shaping. In a...

RECOMMENDED

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.