Multilateral Development Banks's commitment in climate finance raised by 24% in 2021
Last year Multilateral Development Banks’ (MDBs) commitment in climate finance increased by 24% compared to 2020, reaching 51 billion dollars allocated to in Low and Middle-Income Countries, the newest 2021 Joint Report on Multilateral Development Banks’ Climate Finance said.
The report is the outcome of collaboration between major MDBs and aims at making the banks’ climate finance figures public, together with a clear explanation of the methodologies for tracking this finance. Its purpose is mainly intended to track progress in relation to their climate finance targets, such as those declared around COP21 back in 2015 and the newest ambitions adapted for this post-2020 scenario.
Since 2020, MDBs accepted their paramount role in financing solutions to mitigate climate change, took action and decided to raise their commitment to meet their climate finance targets faster. As a matter of fact, in 2021 total financing by MDBs already surpassed the 2025