MDBs Provide Record Climate Finance of $60 billion for Low, Middle-income Economies in 2022

A joint report by multilateral development banks reveals that climate finance reached a record high in 2022. The report was released during the World Bank Group and International Monetary Fund Annual Meetings in Marrakesh, Morocco, where increasing public climate finance, particularly for low and middle-income economies, is a key focus. In 2022, $60.7 billion of climate finance was allocated to low and middle-income economies, with $38.0 billion for climate change mitigation and $22.7 billion for adaptation. High-income economies received $38.8 billion, primarily for climate change mitigation. The report shows that MDBs have exceeded their 2025 climate finance targets set at the UN Climate Action Summit in 2019 for the second consecutive year. MDBs delivered $50 billion in climate finance for low and middle-income economies, $65 billion globally, and doubled adaptation finance to $18 billion. Private mobilization of $40 billion was also achieved. The report includes data from ten MDBs, with the European Investment Bank coordinating the effort.

MDB report: https://www.eib.org/en/publications/20230128-2022-joint-report-on-multilateral-development-banks-climate-finance

Resource: https://esgnews.com/mdbs-provide-record-climate-finance-of-60-billion-for-low-middle-income-economies-in-2022/