ISLAMABAD: Six leading multilateral development banks (MDBs) provided almost $24 billion worldwide in financing in 2013 for projects in developing and emerging economies that address the challenges of climate change, according to the third annual joint MDB report on climate finance.
The report that was released on Friday demonstrates the shared engagement expressed by the six MDBs last week to reinforce transparency of their financing in climate change mitigation and adaptation.
The report has been prepared by the African Development Bank, the Asian Development Bank (ADB), the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, and the World Bank Group.
The new report analyses the financial commitments from the institutions to support climate change mitigation and adaptation, and the information provided has been expanded to include both a more detailed sector based breakdown and a split between public and private operations, as well as a regional breakdown of MDB financing.
From the total $24 billion in climate finance provided in 2013, 80 percent, or $19 billion, was dedicated to mitigation and 20 percent, or nearly $5 billion, to adaptation.
Of the total commitments, 9 percent, or $2 billion, came from external resources, such as bilateral or multilateral donors.
The regional coverage for 2013 is quite balanced with two regions (East Asia and the Pacific, Non-European Union Europe and Central Asia) each receiving roughly 20 percent of total climate finance provided, and four regions (South Asia, Sub-Saharan Africa, Latin America and the Caribbean, European Union New Member States) 10 percent-15 percent each.
Concerning investment in different sectors, 22 percent of adaptation finance supported coastal and riverine infrastructure including built flood protection infrastructure, and 30 percent went to the category comprising energy, transport, and other built environment and infrastructure.
In mitigation finance, renewable energy still takes by far the largest share, with 25 percent of the total.
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