Multilateral Banks Boost Climate Finance, Adaption Pledges
- Multilateral development banks on Monday reaffirmed their commitment to climate finance, pledging to scale up innovative funding to boost climate adaptation and resilience.
- "Financing climate resilience is not a cost, but an investment." This was the key message from senior MDB officials at the end of a side event organised by...
- During a panel discussion titled "Accelerating large-scale climate change adaptation," MDB representatives, including the African Development Bank Group, outlined how their institutions are fulfilling Paris Agreement commitments by...
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MDBs Pledge $42 Billion for Climate Resilience at COP30
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Multilateral development banks on Monday reaffirmed their commitment to climate finance, pledging to scale up innovative funding to boost climate adaptation and resilience.
“Financing climate resilience is not a cost, but an investment.” This was the key message from senior MDB officials at the end of a side event organised by the Climate Investment Funds (CIF) on the opening day of the 30th United Nations Climate Conference (COP30) in Belém, Brazil. The conference runs from 10 to 21 November.
During a panel discussion titled “Accelerating large-scale climate change adaptation,” MDB representatives, including the African Development Bank Group, outlined how their institutions are fulfilling Paris Agreement commitments by mobilising substantial and innovative resources for climate adaptation and mitigation.
Climate Resilience: An Investment Opportunity
Ilan Goldfajn, President of the Inter-American Development Bank Group, emphasised that “resilience is more than a concern for the future: it is indeed also essential for development today.” He announced that MDBs are tripling their financing for resilience over the next decade, targeting $42 billion by 2030.
“At the Inter-American Development Bank, we are turning preparedness into protection and resilience into opportunity,” Goldfajn added.
Tanja Faller,Director of Technical Evaluation and Monitoring at the Council of Europe Development Bank,stressed that climate change “not only creates new threats,but also amplifies existing inequalities. The moast socially vulnerable people are the hardest hit and the last to recover. This is how a climate crisis also becomes a social crisis.”
Representatives from the Islamic Development Bank, the Asian Infrastructure Investment Bank, the Asian Development Bank, the World Bank Group, the European Bank for Reconstruction and Development, the European Investment Bank, the New Development Bank and IDB Invest (the private sector arm of the Inter-American Development Bank Group) also shared concrete examples of successful adaptation investments and strategies for mobilising new resources.
Leading the Charge: The African development Bank
The African Development Bank leads by example
Kevin Kariuki, Vice President of the African Development Bank Group in charge of Power, Energy, Climate & Green Growth, highlighted the bank’s commitment to climate adaptation in Africa.He noted that Africa is disproportionately affected by climate change despite contributing the least to greenhouse gas emissions.