Global figures for 2021 exceed climate finance targets for 2025, with global mitigation finance reaching nearly US$63 billion
Global financing for adaptation reaches more than US$19 billion
The amount of global private financing mobilized amounts to US$ 41 billion
Climate finance committed by the major multilateral development banks (MDBs) increased by more than 24% last year compared to 2020, according to the 2021 Joint Report on Climate Finance by the Multilateral Development Banks, released today.
Total 2021 financing by multilateral development banks has already exceeded the 2025 climate finance targets outlined at the 2019 UN Secretary-General’s Climate Action Summit in New York. Those goals amounted to an expected collective total of $50 billion for low- and middle-income economies, and at least $65 billion of climate finance globally, with a projected doubling of climate adaptation finance. US$ 18 billion and private mobilization. of $40 billion.
The EBRD contribution to the 2021 figures included total climate finance of USD 6.4 billion, a record since joint MDB monitoring began 11 years ago, with total climate co-financing of USD 17.8 billion, of which USD 14 billion came from the private sector. sources.
“It is good news ahead of COP27 to see that EBRD climate finance has reached a new record total of US$6.4 billion, as part of a collective joint delivery of climate finance from the MDBs which is also a new record US$ 82 billion. We are especially pleased to see that every dollar of funding we provided leveraged more than another two dollars of private climate mobilization. We know we need to do more, but the MDBs are determined to play a crucial role in the green transition the world urgently needs, both with our own capital and by mobilizing the resources of the private sector,” said MDB Managing Director of Climate Strategy EBRD. and Harry Boyd-Carpenter Delivery.
General figures for 2021:
Low and middle income countries
In 2021, the MDBs provided about $51 billion (62%) in climate finance to low- and middle-income economies. Of this total, more than US$33 billion (65%) went to climate change mitigation and more than US$17 billion (35%) to climate change adaptation. The amount of private financing mobilized was US$ 13 billion.
high income countries
Additionally, in 2021, the MDBs provided more than $31 billion (38%) in climate finance to high-income economies, of which $29 billion (95%) went to climate change mitigation and US $1.6 billion (5 percent) for climate change adaptation. The amount of private financing mobilized was US$ 28 billion.
The Joint Report on Climate Finance of the Multilateral Development Banks is an annual collaboration to make public the figures of climate financing of the banks, along with a clear explanation of the methodologies for monitoring this financing. This joint report, along with the publication of climate finance statistics for each bank, aims to track progress against their climate finance targets, such as those announced around COP21, and the increased ambition promised for the period. after 2020.
The 2021 multilateral development bank report, coordinated by the EIB, combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the European Bank of Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB), the Islamic Development Bank (IDB) and the World Bank Group (WBG). This year’s report also summarizes climate finance tracking information from the New Development Bank (NDB) and the Council of Europe Development Bank (CEB), presented separately from the joint figures.
MDB Joint Report Infographic
Joint MDB report