(USA) Big Banks Boost Climate Funding By 20 Percent

ENS | 02/08/2018

WASHINGTON, DC, August 2, 2018 (ENS) – The world’s six largest multilateral development banks (MDBs) increased their climate financing to a seven-year high of $35.2 billion in 2017, up more than 20 percent from the year before.

The MDBs’ latest joint report on climate financing said $27.9 billion, or 79 percent of the 2017 total, was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming.

The remaining 21 percent or $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 torrents of rain, worsening droughts and extreme weather events.

In 2016, climate financing from the multilateral development banks had totalled $27.4 billion.