LOADING

Type to search

MDBs Provide Record Climate Finance of $60 billion for Low, Middle-income Economies in 2022

MDBs Provide Record Climate Finance of $60 billion for Low, Middle-income Economies in 2022

Climate Finance
  • $60.7 billion of climate action support in low and middle-income economies, including $22.7 billion for climate change adaptation
  • Worldwide, MDB climate finance reaches nearly $100 billion, up from $82 billion in 2021
  • The amount of mobilised global private finance stands at $69 billion, up from $41 billion in 2021

A joint report by multilateral development banks published today finds that MDB climate finance reached a record high in 2022. The announcement comes as delegates meet in Marrakesh, Morocco, for the World Bank Group and International Monetary Fund Annual Meetings, where scaling up public climate finance, in particular for low and middle-income economies, is one of the items at the top of the agenda.

Low and middle-income economies

In 2022, $60.7 billion of MDB climate finance was provided for low-income and middle-income economies: $38.0 billion, or 63% of this total, was for climate change mitigation finance and $22.7 billion or 37% for climate change adaptation finance. The amount of mobilised private finance stood at $16.9 billion.

High-income economies

In 2022, $38.8 billion was allocated for high-income economies. Of this total, $36.3 billion or 94% was for climate change mitigation finance, and $2.5 billion or 6% was for climate change adaptation finance. The amount of mobilised private finance stood at $51.9 billion.

Surpassing climate finance targets

With the record 2022 climate finance volumes, MDBs are surpassing for the second year in a row the 2025 climate finance targets they set themselves at the UN Secretary General’s Climate Action Summit in 2019. This included delivering an expected collective total of $50 billion in climate finance for low-income and middle-income economies, at least $65 billion of climate finance globally, with an expected doubling in adaptation finance to $18 billion; and private mobilisation of $40 billion. Compared to 2019 volumes, MDB 2022 climate finance for low and middle-income economies increased by 46% (2019, $41.5 billion) and global MDB climate finance by 62% (2019, $61.6 billion).

Related Article: MUFG and Partners Launch $1.5 Billion Climate Finance Platform

“The urgent need to scale up climate finance is at the heart of the call for multilateral development banks to do more in tackling the climate emergency. With nearly $100 billion of climate finance worldwide, including a significant increase for low and middle-income countries, the report shows that MDBs are delivering on their commitments and are doing so ahead of schedule. But we must do more and as the EU climate bank we are ready to step up. The EIB is working with our fellow MDBs and the COP28 Presidency on how to mobilise more private finance and accelerate support for countries and the private sector to meet the Paris climate goals,” said EIB Vice-President Ambroise Fayolle.

The EIB delivered record volumes of $32.9 billion of climate finance in high-income economies and $4.2 billion for low and middle-income economies through its specialised development arm EIB Global. EIB-mobilised global private finance stood at $46.6 billion.

Transparent joint reporting on climate finance

The Joint Report on MDBs’ Climate Finance is an annual collaborative effort to publish MDBs’ climate finance figures, together with a clear explanation of the methodologies for tracking this finance as climate finance. This joint report is intended to track progress in relation to MDB joint climate finance targets such as those announced at the UN Climate Change conference (COP21) and the greater ambition pledged for the 2021-2025 period.

This year’s report brings the Council of Europe Development Bank and the New Development Bank’s climate finance fully into the MDB reporting, so that for the first time all ten MDBs’ climate finance is included in the aggregated data reported. Even without the two MDBs joining the reporting, global climate finance went up to $98 billion in 2022. In addition, this year’s report includes a more detailed breakdown of MDB climate finance in least developed countries and small island developing states.

The 2022 multilateral development bank report, coordinated by the EIB, combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank (WB).

View Full Report Here

Topics

Related Articles

LOADING

Type to search

Blog

Image of official Toronto Climate Week logo nad icon in reverse white text over blue background
PwC Survey Finds Rising Pressure and Value in Corporate Sustainability Reporting
IBM Launches API to Embed Emissions Data into Corporate and Vendor Tools
Founder Group to Build $2.76B Solar and Storage Complex in Sarawak
Germany Delivers Nearly $14 Billion in Climate Finance for 2024
Standard Chartered Backs L&T with $700M Sustainability-Linked Trade Financing
MAS Appoints Abigail Ng as New Chief Sustainability Officer
ESG News WEEK IN REVIeW 21 Sept - 28 sept
OXCCU Secures $28 Million to Scale Carbon-to-Fuel Technology for Aviation
Dutch Startup Brineworks Secures $7.3M to Scale Direct Air Capture for e-Fuels
Becky Park-Romanovsky on Building Toronto Climate Week and Canada’s Climate Future
DHL, Hapag-Lloyd Expand Use of Sustainable Marine Fuels to Cut Supply Chain Emissions
EU Pushes Back Supply Chain Deforestation Rules by One Year
California Names 4,000+ Companies Facing Mandatory Climate Disclosures
Levi Strauss and Schneider Electric launch supply chain renewable energy accelerator in India
EFRAG Maps Digital Tools to Advance SME Sustainability Reporting
Watershed Launches AI-Driven Product Footprints to Tackle Scope 3 Supply Chain Emissions
PRI Awards 2025 Spotlight Responsible Investment Leaders
Frontier Launches Rail-Based Carbon Management Platform for Ethanol Sector
UK Signs Contracts for First Commercial Carbon Capture Projects
","session_id":"ep-sess-1760246480-Umwrypa2","page_url":"https:\/\/esgnews.com\/mdbs-provide-record-climate-finance-of-60-billion-for-low-middle-income-economies-in-2022\/","post_id":"23109","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */