Environment

Multilateral development banks announce joint framework at COP24 to combat climate change

Photo: Jon Tyson on Unsplash

Published

December 4, 2018

Country

Comments

0

Share

Published:

December 4, 2018

Country:

Comments:

0

Share

Multilateral Development Banks (MDBs) have announced a joint framework at COP24 for aligning their activities with the goals of the Paris Agreement, reinforcing their commitment to combat climate change, according to a joint press release.

In a joint declaration, issued at the start of the 24th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24) in Katowice, Poland, the MDBs committed to working together in six key areas considered central to meeting the goals of the Paris Agreement, which aims to limit the increase in global temperatures to well below 2°C, pursuing efforts for 1.5°C.

The MDBs and the International Development Finance Club (IDFC) had already pledged in December 2017 to align financial flows with the objectives of the Paris Agreement.

The MDBs plan to break their joint approach down into practical work on six core Paris Alignment areas – the building blocks – including: aligning their operations against mitigation and climate-resilience goals; ramping up climate finance; capacity building support for countries and other clients; plus an emphasis on climate reporting.

This approach builds on the ongoing MDB contribution to climate finance, which, in 2017, amounted to USD 35 billion to tackle climate change in developing and emerging economies, mobilizing an additional USD 52 billion from private and public sector sources.

The MDBs will report back to next year’s COP25 gathering on their progress under the six building blocks.

The nine MDBs are: The African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).

World Bank doubles 5-year climate investments to USD 200 billion

The World Bank Group has announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around USD 200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries.

A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. By ramping up direct adaptation finance to reach around USD 50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions, according to a press release from the lender.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

serbia necp pks ldk energy planning

Pivotal project aiming to reshape energy landscape in Serbia was finalized successfully

15 February 2024 - The IPA financed project "Further Development of Energy Planning Capacities" has served as an example of collaboration among all the energy sector stakeholders in the country for methodological strategic planning

lithium-battery

First calcium battery that could provide more sustainable alternative to lithium

14 February 2024 - The scientists claim they have developed the first calcium-based battery that can charge and discharge 700 times at room temperature

sarajevo-canton-coal-air-strategy

Sarajevo draws up strategy to cut household heating emissions by 90%

12 February 2024 - The Sarajevo Canton government has prepared a strategy for limiting the use of coal and other solid fuels for the period 2023-2033

prozor rama waste sorting

Prozor-Rama is only BiH municipality that sorts all collected waste

06 February 2024 - Of all processed waste, 60% is reused. The local authority says the rest can only be incinerated, to produce energy.