COP29: Multilateral development banks to boost climate finance

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class="page-hd noheight">News Highlight</h3> <div class="substainable-moredesc"> <p><p>MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach $120 billion.</p></p> </div> <div class="comment-count comment-authorname"> <div class="fright1"> <div class="blog-comment nomarginbott"> <a href="https://www.financialnigeria.com/cop29-multilateral-development-banks-to-boost-climate-finance-news-2788.html"><span class="sprites comment-icon"></a></span><a href="https://www.financialnigeria.com/cop29-multilateral-development-banks-to-boost-climate-finance-news-2788.html#disqus_thread"><span class="disqus-comment-count" data-disqus-identifier="news-2788-identifier">0 Comments</span></a> </div> </div> <div class="clear"></div> </div> </div> </div> <div class="clear"></div> <div class="image-tag">An aerial view of Baku Stadium, venue of COP29</div> <br /> <div class="news-detail-section"> <p><p>Multilateral development banks (MDBs) today issued a joint statement at COP29 in Baku, Azerbaijan, outlining financial support and other measures for countries to achieve ambitious climate outcomes.<br /><br />The statement was issued by the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.<br /><br />MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach $120 billion, including $42 billion for adaptation, and MDBs aim to mobilise $65 billion from the private sector. <br /><br />For high-income countries, this annual collective climate financing is projected to reach $50 billion, including $7 billion for adaptation, and MDBs aim to mobilise $65 billion from the private sector.<br /><br />MDBs significantly exceeded their ambitious 2025 climate finance projections set in 2019, with a 25% increase in direct climate finance and mobilisation for climate efforts doubling over the past year, according to their joint statement sent to Financial Nigeria by European Investment Bank (EIB).  <br /><br />“It is clear we must stay the course,” said EIB President Nadia Calviño. “The green energy revolution is underway, and communities and businesses have understood that ambitious climate action is not only the right thing to do but the smart thing to do.” <br /><br />The statement said MDBs are focused on amplifying their catalytic effect by enhancing the results and impact of their financing, deepening engagement with countries through platforms, supporting clients’ climate ambitions, and increasing private sector mobilisation.<br /><br />“Rallying to the call for urgent climate action, MDBs recognise the central importance of establishing a New Collective Quantified Goal on Climate Finance (NCQG) at COP 29 in Baku. A robust and ambitious NCQG is essential for achieving the goals of the Paris Agreement, and we urge Parties to reach a strong conclusion on this objective,” the statement said.<br /><br />Recognizing that quality and systemic impact must be informed by climate results, the MDBs released the Common Approach to Measuring Climate Results: Update on Indicators. The common approach, issued in April, is the first shared framework to define, measure, and link global progress on climataxe mitigation and adaptation with the climate results of MDB activities. <br /><br />The MDBs also published their Country Platforms for Climate Action - MDB Statement of Common Understanding and Way Forward, reaffirming their joint support for efforts to foster collaboration between host countries, MDBs, donors, and the private sector. Based on country demand, MDBs will build on successful examples to support the launch of new platforms, while deepening collaboration with partners including the International Monetary Fund. </p></p> <br /> <span class='st_facebook_hcount' displayText='Facebook' st_via="FinancialNG"></span> <span class='st_twitter_hcount' displayText='Tweet' st_via="FinancialNG"></span> <span class='st_googleplus_hcount' displayText='Google +' st_via="FinancialNG"></span> <span class='st_linkedin_hcount' displayText='LinkedIn' st_via="FinancialNG"></span> <div class="clear"></div> </div> <div class="sustainable-development-cnt"> <h2 class="page-heading"><span class="sprites latestnews-ico"></span> Related News</h2> <ul class="sustainable-list related-news"> <li> <div class="sustainable-img"><img src="https://d2h59e6b7hdi10.cloudfront.net/WS/image_resize/?pic=aHR0cHM6Ly9kMmg1OWU2YjdoZGkxMC5jbG91ZGZyb250Lm5ldC9wdWJsaWMvdXBsb2FkL25ld3NfaW1hZ2VzLzI3NTcvd29ybGRfYmFua19ocV9kYy0yMDI0MDgzMDEwNTgxNDg5NTMuanBn&height=196&width=296&color=FFFFFF" alt="image"></div> <div class="sustainable-desc"> <h2><a href="https://www.financialnigeria.com/emerging-market-banks-hardly-investing-in-climate-finance-news-2757.html" class="blacklink">Emerging market banks hardly investing in climate finance</a></h2> <div class="short-des"><p>The report also calls attention to the excessive holdings of government debt by domestic banks – an Achilles heel for some ...</div> <div class="blog-comment nomarginbott"> <a href="https://www.financialnigeria.com/emerging-market-banks-hardly-investing-in-climate-finance-news-2757.html"><span class="sprites comment-icon-dark"></a></span><a href="https://www.financialnigeria.com/emerging-market-banks-hardly-investing-in-climate-finance-news-2757.html#disqus_thread"><span class="disqus-comment-count" data-disqus-identifier="news-2757-identifier">0 Comments</span></a> </div> </div> </li> <li> <div class="sustainable-img"><img src="https://d2h59e6b7hdi10.cloudfront.net/WS/image_resize/?pic=aHR0cHM6Ly9kMmg1OWU2YjdoZGkxMC5jbG91ZGZyb250Lm5ldC9wdWJsaWMvdXBsb2FkL25ld3NfaW1hZ2VzLzI2NzEvSUZDX2xvZ28tMjAyMzA5MDEwOTU1MDMxMjQyLmpwZw%3D%3D&height=196&width=296&color=FFFFFF" alt="image"></div> <div class="sustainable-desc"> <h2><a href="https://www.financialnigeria.com/ifc-invests-11-5-billion-for-africa-s-green-transition-and-job-creation-news-2671.html" class="blacklink">IFC invests $11.5 billion for Africa’s green transition and job creation</a></h2> <div class="short-des"><p><br />IFC said it made $11.5 billion in investments between July 1, 2022, and June 30, 2023, across 40 countries, the largest ...</div> <div class="blog-comment nomarginbott"> <a href="https://www.financialnigeria.com/ifc-invests-11-5-billion-for-africa-s-green-transition-and-job-creation-news-2671.html"><span class="sprites comment-icon-dark"></a></span><a href="https://www.financialnigeria.com/ifc-invests-11-5-billion-for-africa-s-green-transition-and-job-creation-news-2671.html#disqus_thread"><span class="disqus-comment-count" data-disqus-identifier="news-2671-identifier">0 Comments</span></a> </div> </div> </li> <li> <div class="sustainable-img"><img src="https://d2h59e6b7hdi10.cloudfront.net/WS/image_resize/?pic=aHR0cHM6Ly9kMmg1OWU2YjdoZGkxMC5jbG91ZGZyb250Lm5ldC9wdWJsaWMvdXBsb2FkL25ld3NfaW1hZ2VzLzIyNTAvc29sYXItNDgyNDYwNF8xOTIwLTIwMjAxMTA5MTQzNzUxMzQ4OC5qcGc%3D&height=196&width=296&color=FFFFFF" alt="image"></div> <div class="sustainable-desc"> <h2><a href="https://www.financialnigeria.com/new-report-highlights-trends-in-climate-finance-news-2250.html" class="blacklink">New report highlights trends in climate finance</a></h2> <div class="short-des"><p>51 per cent of banks offer green financial products, 53 per cent have processes for managing climate-related risks and 64 per ...</div> <div class="blog-comment nomarginbott"> <a href="https://www.financialnigeria.com/new-report-highlights-trends-in-climate-finance-news-2250.html"><span class="sprites comment-icon-dark"></a></span><a href="https://www.financialnigeria.com/new-report-highlights-trends-in-climate-finance-news-2250.html#disqus_thread"><span class="disqus-comment-count" data-disqus-identifier="news-2250-identifier">0 Comments</span></a> </div> </div> </li> </ul> <div class="clear"></div> </div> <div class="comment-section"> <script type="text/javascript"> var disqus_config = function() { this.page.remote_auth_s3 = "W10= 9e449087bbca07fa4ba3fbbf1d8afc01d21d9b6c 1732377215"; this.page.api_key = "l4kvcHI4WMWo2fVgTfftZp2j7ABeedKaHIpQxasgA5sWN88akgwVD4ZHaeLCtk2S"; var disqus_shortname = 'financial-nigeria'; // Required - 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COP29: Multilateral development banks to boost climate finance