The world’s leading multilateral development banks (MDBs) have issued a joint pledge to increase their efforts to help developing nations fight climate change.
Blue & Green Tomorrow is currently running a crowdfunder to ensure its survival. Please pledge.
Ahead of a crucial UN climate summit, to be held in New York on September 23, the World Bank, the European Investment Bank, and their counterparts from around the world have reaffirmed their commitment to mobilising climate finance.
In a joint statement the MDBs, also including the European Bank for Reconstruction and Development, the African Development Bank, the Asian Development Bank and the Inter-American Development Bank, say they have already delivered $75 billion (£46.2bn) towards climate action since 2011.
“We will further coordinate our financing, ideas and analyses, and continue to harmonise our approaches on climate action,” the banks say.
“We now pledge to build on our work so far and to enhance our climate finance action, in accordance with our organisations’ respective mandates, expertise, and resources.”
Though the statement does not go as far as giving targets or any exact figures, the banks say they will provide transparent climate finance reporting, promote green bonds, and help develop new renewable energy investment ideas.
They also promise to mainstream climate change concerns throughout their own core operations.
“Individually, collectively, and by working with the wider finance and climate community, MDBs have been charting a path forward in climate action. We aim to lead by example and influence the trajectory of financial developments in support of global climate action,” the statement concludes.
“By seizing opportunities for investment and attracting finance at scale for low-carbon and resilient development, we encourage others to join us in catalysing the necessary increase in climate finance.”
The pledge comes as many developing nations, who will disproportionately bear the brunt of climate change despite having contributed less to greenhouse gas emissions, have expressed their frustration at a lack of help from their richer neighbours.
In 2009 developed nations promised to provide $100 billion (£61.6bn), of both private and public money, each year by 2020 to help developing nations deal with climate change impacts. Developing nations say more must be done if this is to be achieved.
Like our Facebook Page
Prominent Trends in Seafood Sustainability in 2022
Can PEMF Help To Improve Plant Growth for Eco-Friendly Gardeners
How the U.S. Government is Promoting Green Energy in the Country
12 Essential Things for Buying Your First Home
Harnessing Sustainability with User-Centric Technology Innovation
Making Your Dream of Having an Eco-Friendly Garden Come True
Tips for Optimal Waste Management in Your Home
The Agricultural Benefits of Weather Stations for Eco-Friendly Farmers
What Makes Online Furniture Eco-Friendly?
How Eco-Friendly Indian Tourists Can Apply for Visas to Brazil
7 Eco-Friendly Plant-Based Alternatives for Everyday Products
Teaching Them While They’re Young: Sustainability Tips for All Ages
Top 5 Benefits of Eco-Friendly Cars
Why Eco-Friendly Homes Should Have Outdoor Bathrooms
Merits of Sustainability Reporting: What Every Manager Must Know
Low Emission and Clean Air Zones: What You Need To Know
4 Ways To Build A Sustainable Home
Why Transitioning Your Company to an EV Fleet Makes Sense?
CEO Brian Ladin Explains How The Shipping Industry Is Going Green
A Guide to Eco-Friendly Landscaping
- Features11 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy11 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features10 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Features10 months ago
5 Compelling Reasons to Hire an Eco-Friendly Contractor