The heads of the multilateral development banks (MDBs) released a joint statement to work together to increase climate investments and to “consider climate change across our strategies, programs, and operations to deliver more sustainable results, with a particular focus on the poor and most vulnerable.” The MDBs released their statement on the sidelines of the 21st session of the Conference of the Parties (COP 21) to the UNFCCC.
30 November 2015: The heads of the multilateral development banks (MDBs) released a joint statement to work together to increase climate investments and to “consider climate change across our strategies, programs, and operations to deliver more sustainable results, with a particular focus on the poor and most vulnerable.” The MDBs released their statement on the sidelines of the 21st session of the Conference of the Parties (COP 21) to the UNFCCC.
The African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and the World Bank Group (WBG) announced their intention to increase their climate finance and to further mobilize public and private finance to help countries reduce greenhouse gas (GHG) emissions and adapt to climate change. The MDBs also expressed support for the voluntary Principles for Mainstreaming Climate Action within Financial Institutions.
The MDBs further pledged to support the outcomes of the Paris Climate Change Conference, including through a US$100 billion a year commitment by 2020 for climate action in developing countries. The MDBs have already delivered US$100 billion for climate action in developing and emerging countries since 2011, according to the statement.
World Bank Group President Jim Yong Kim reflected that national plans submitted ahead of the Paris Climate Change Conference provide the development banks with “a clear roadmap” and said the MDBs have the resources and collective will to shift into high gear on climate change. IDB President Luis Alberto Moreno said the IDB “will help countries to translate [national contributions] into investment plans that successfully attract the necessary capital for full implementation.” EIB President Werner Hoyer said the EIB will step up its actions in developing countries, particularly “those most vulnerable to global warming.”
EBRD President Sir Suma Chakrabarti said the EBRD is “further scaling up its climate finance activity through the implementation of its recently approved Green Economy Transition approach.” Observing that “Africa has already been short-changed by climate change,” AfDB President Akinwumi Adesina said the AfDB “stands fully ready to support greater climate financing for Africa” and will invest US$50 billion in agriculture, energy and youth empowerment in Africa over the next 10 years. ADB President Takehiko Nakao called for combining increased finance with “smarter technology, stronger partnerships and deeper knowledge.” [World Bank Press Release] [ADB Press Release] [AfDB Press Release] [EBRD Press Release] [EIB Press Release] [IDB Press Release] [Joint Statement] [IISD RS Coverage of the Paris Climate Change Conference] [IISD RS November 2015 Climate Finance Update]