COP28: Multilateral development banks boost joint action on climate and development
Monday, 04/12/2023 15:15 (GMT+7)
(CPV) - Multilateral development banks (MDBs) published a joint statement on December 3rd 2023 that presents concrete and urgent actions to scale up finance and enhance climate outcomes measurement, strengthen country-level collaboration, and increase cofinancing and private sector engagement in the response to climate change. The announcement came as world leaders are gathering at COP28 in Dubai.
“The window of opportunity to secure a liveable and sustainable future for all is rapidly closing. Recognizing the interlinkages between the triple planetary crises of climate, nature, and pollution, achieving the Sustainable Development Goals, the goals of the Paris Agreement and the Kunming–Montreal Global Biodiversity Framework (GBF) requires all of us to step up our efforts with urgency and scale,” the MDB statement said.
“Collaboration among MDBs is crucial to address the climate crisis. It is a massive, complex undertaking that urgently needs to be done now,” said ADB Climate Envoy Warren Evans. “As Asia and the Pacific’s climate bank, ADB is committed to scaling up much-needed climate finance from our own resources and through partnerships to help our developing member countries significantly cut greenhouse gas emissions and build resilience against climate impacts.”
|Multilateral developement banks reaffirm their commitment to socially inclusive, gender responsive, and nature-positive climate and development action. (Photo: courtesy of COP 28 UAE )
In the joint statement, MDBs reaffirm their commitment to socially inclusive, gender responsive, and nature-positive climate and development action, leveraging different mandates, unique country and client networks, operating models, geographies, and expertise. MDBs will achieve this through:
An increased focus on measuring climate results, outcomes and impact; Coordinated support for countries and sub-national entities to formulate and operationalize Long-term Strategies (LTS); Country-level collaboration; Attracting private capital at scale; and supporting enhanced efforts on adaptation and disaster risk management.
The climate and ecological crises are intertwined with many other global challenges. MDBs also commit to strengthen collaboration in line with respective mandates and governance frameworks on nature, water, health, and gender.
The joint MDB statement builds on major progress and outcomes already delivered to date. In 2022, MDBs provided record-levels of climate finance and private finance mobilization. MDBs jointly committed $61 billion of climate finance for low- and middle-income economies, up 18% from 2021; and close to $100 billion in all economies where they operate. In low- and middle-income countries, adaptation finance accounted for 37% of committed finance and total climate cofinancing reached $46 billion, of which $15 billion was private finance mobilization.
In addition, MDBs continue to work on aligning their activities with the Paris Agreement goals using their joint framework published at COP24. In particular, in 2023, MDBs published the Joint MDB Methodological Principles for Assessment of Paris Agreement Alignment of New Operations and are supporting just transition efforts in diverse contexts and regions./.