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Record High Climate Finance Allocated by Multilateral Development Banks in 2022

MANILA, 14th October, 2023 (WAM) ÔÇô A new report by the Multilateral Development Banks (MDBs) reveals that climate finance provided by these banks reached an all-time high in 2022. This development comes as delegates gather in Marrakesh, Morocco for the World Bank Group and International Monetary Fund Annual Meetings, with a primary focus on increasing public climate finance, particularly for low and middle-income economies.

In 2022, MDBs allocated a staggering $60.7 billion of climate finance to low-income and middle-income economies. Of this total, $38 billion, accounting for 63%, was allocated for climate change mitigation finance, and $22.7 billion, accounting for 37%, was allocated for climate change adaptation finance. Notably, mobilized private finance amounted to $16.9 billion.

Comparatively, high-income economies received $38.8 billion in climate finance, with $36.3 billion (94%) directed towards climate change mitigation finance and $2.5 billion (6%) allocated for climate change adaptation finance. The mobilized private finance for high-income economies reached a substantial amount of $51.9 billion.

The Asian Development Bank (ADB) played a significant role in this record-setting year, committing $7.1 billion to climate finance. Of this amount, $4.3 billion was allocated for climate change mitigation finance, while $2.8 billion was dedicated to climate change adaptation. Additionally, the ADB successfully mobilized $548 million in climate finance from the private sector.

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With the record-breaking climate finance volumes in 2022, the MDBs have surpassed their own climate finance targets, established at the UN Secretary General’s Climate Action Summit in 2019, for the second consecutive year. These targets included delivering a collective total of $50 billion in climate finance for low-income and middle-income economies, a global climate finance of at least $65 billion, doubling the adaptation finance to $18 billion, and mobilizing $40 billion from the private sector. Compared to 2019 levels, MDBs’ climate finance for low and middle-income economies has increased by 46% ($41.5 billion in 2019), while global MDB climate finance has grown by 62% ($61.6 billion in 2019).

“The growth in MDB climate finance for low- and middle-income economies, particularly the increase in mobilized private sector finance, is encouraging,” stated ADB Climate Envoy Warren Evans. “However, further action is necessary. In Asia and the Pacific, home to numerous climate-vulnerable countries, we must mobilize substantial amounts of private sector finance to move from dealing in billions to trillions required for reducing greenhouse gas emissions and scaling up climate resilience urgently.”

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