Climate finance committed by major multilateral development banks (MDBs) rose by more than 24% last year compared to 2020, according to the 2021 Joint Report on Multilateral Development Banks’ Climate Finance released on October 14 2022.
The 2021 total financing by MDBs already surpassed the 2025 climate finance goals set at the 2019 United Nations Secretary General’s Climate Action Summit in New York. The goals amount to an expected collective total of $50 billion for low- and middle-income economies, and at least $65 billion of climate finance globally, with a projected doubling of adaptation finance to $18 billion, and private mobilization of $40 billion.
MDBs provided around $51 billion (62% of overall MDB climate finance) in climate finance to low- and middle-income economies. Of this total, more than $33 billion (65%) was for climate change mitigation and more than $17 billion (35%) for climate change adaptation. The amount of mobilized private finance stood at $13 billion.
In addition, MDBs provided more than $31 billion (38% of overall MDB climate finance) in climate finance to high-income economies, with $29 billion (95%) for climate change mitigation and $1.6 billion (5%) for climate change adaptation. The amount of mobilized private finance stood at $28 billion.
Press release originally published by the Asian Development Bank. Find here the original publication