In Short : The UN Secretary-General and the heads of Multilateral Development Banks (MDBs) have pledged to strengthen collaboration to tackle the challenges of achieving the Sustainable Development Goals (SDGs). This partnership aims to mobilize resources, enhance financing, and coordinate efforts to address critical global issues such as poverty, inequality, and climate change, ensuring progress […]
Climate Finance by Multilateral Development Banks Hits Record in 2023 – EQ
In Short : Multilateral Development Banks (MDBs) hit a record $125 billion in climate finance in 2023, a significant rise from 2022. Of this, $74.7 billion was allocated to low- and middle-income economies for climate mitigation and adaptation efforts. The increase comes as global focus sharpens on climate finance ahead of COP29. In Detail : […]
MDBs’ climate finance for low, middle-income economies soars to $60.7 billion in 2022 – EQ
In Short : Multilateral Development Banks (MDBs) provided a record $60.7 billion in climate finance for low and middle-income economies in 2022. This significant funding aimed to support these countries in mitigating and adapting to climate change. The MDBs played a crucial role in helping nations transition towards sustainable and climate-resilient development, addressing the urgent […]
Emerging nations need $100-150 bn annually for climate transition: UN special envoy – EQ
New Delhi: Developed nations, through multilateral development banks (MDBs), will need to pour in about $100-150 billion annually into emerging economies to help them finance the climate transition, Mark Carney, UN special envoy for climate action and finance, said on Saturday. Speaking at the B20 Summit 2023, Carney, who’s also the co-chair of GFANZ (The […]
MDBs Agree Principles for Aligning Financial Flows with Paris Agreement Goals – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) and other multilateral development banks (MDBs) have released the principles of how they will ensure alignment of financing with the goals of the Paris Agreement—the culmination of work over the last 5 years to ensure a consistent and harmonized approach. The principles (see Related documents below) represent […]
MDBs to Expand Support for Countries Seeking Climate-Resilient Sustainable Transition – EQ Mag Pro
SHARM EL-SHEIKH, EGYPT : The Asian Development Bank (ADB) and multilateral development bank (MDB) partners, which together provided record levels of dedicated finance in 2021 to support the green transition, today issued a forward-looking joint statement at the COP27 global climate summit in Sharm el-Sheikh. Despite today’s challenging environment, the MDBs affirmed their commitment to […]
MDBs Pledged to Align Financial Flows with the Paris Agreement. They’re Not There Yet – EQ Mag Pro
Two years after the 2015 Paris Agreement, the world’s multilateral development banks (MDBs) committed to align their financial flows with the landmark climate pact’s goals. Now, four years later, it’s clear that as a group, the MDBs are still a long way away from realizing their commitment throughout their portfolios. While MDBs have focused on […]
MDBs Climate Finance Hit $66 Billion in 2020, Joint Report Shows
MANILA, PHILIPPINES : 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 today. Of this, 58%—or $38 billion—was committed to low- and middle-income economies. The total climate cofinance […]
MDBs group together to fund Egypt solar plant
A consortium of international lenders is funding the development of Egypt’s largest solar plant. The financing package consists of $114m of funds in total, provided by a group of lenders. Those banks include the African Development Bank, Arab Bank, European Bank for Reconstruction and Development, the Green Climate Fund and Opec Fund for International Development. […]
