Multilateral Development Banks Joins Hands for Climate Protection

Multilateral Development Banks (MDBs) have announced a joint framework for aligning their activities with the goals of the Paris Agreement to reinforce their commitment to combat climate change.

Image: PixabayImage: Pixabay

The MDBs have announced to start working together in six key areas considered central to meeting the goal of the Agreement to limit the increase in global temperatures to well below 2°C. The declaration was issued at the start of the COP24 in Katowice, Poland, on Monday.

“The global development agenda is at a pivotal point,” the joint declaration says. “There is international consensus on the urgent need to ensure that policy engagements and financial flows are consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. To realise this vision, we are working together to develop a dedicated approach.”

The MDBs plan to break their joint approach down into practical work on six core Paris Alignment areas:

  • the building blocks – including:
    • aligning their operations against mitigation and
    • climate-resilience goals
  • ramping up climate finance
  • capacity building support for countries and other clients
  • an emphasis on climate reporting.

The nine MDBs are:

  • African Development Bank Group
  • Asian Development Bank
  • Asian Infrastructure Investment Bank
  • European Bank for Reconstruction and Development
  • European Investment Bank
  • Inter-American Development Bank Group
  • Islamic Development Bank
  • New Development Bank
  • World Bank Group (World Bank, IFC, MIGA)
Katrin Radtke
MDB, development banks, finance, climate protection, Paris Agreement, global temperatures, COP24

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