The Joint Report on Multilateral Development Banks’ (MDB) Climate Finance is an annual collaborative effort to make public MDB climate finance figures for developing and emerging economies, together with a clear explanation of the methodologies for tracking this finance.
The 2017 edition is an overview of financing committed by the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group (World Bank, IFC and MIGA). These banks account for the vast majority of multilateral development finance.
The report shows that climate financing by the world’s six largest MDBs rose to a seven-year high of $35.2 billion in 2017, up 28 per cent on the previous year. $27.9 billion (79 per cent of the 2017 total) was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming. The remaining 21 per cent ($7.4 billion) of financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change such as unusual levels of rain, worsening droughts and extreme weather events.
In October 2017 the Islamic Development Bank joined the MDB climate finance tracking groups, and its climate finance figures will be included in joint reports from 2018 onwards.