Multilateral Development Banks unlock over $180 billion worth of climate finance at COP28

Multilateral Development Banks unlock over $180 billion worth of climate finance at COP28

Dubai: Multilateral Development Banks (MDBs) joined together at the COP28 climate summit in Dubai to commit to ambitious climate action and unlock over US$180 billion in climate finance. The Inter-American Development Bank (IDB) announced at COP28 that it will triple its climate lending to US$150 billion over the next decade. The IDB also announced US$5 billion in additional financing for sustainable development projects in the Amazon, as well as a guarantee programme to expand lending capacity by US$450 million, and US$1 billion equivalent of incentives for countries to meet climate and nature targets through discounts on loans if targets are met. President of the World Bank Ajay Banga also committed to increase their climate finance target to 45 percent by 2025, which would mean US$40 billion in climate finance annually by 2025, of which US$9 billion per year for next two years is additional. The World Bank also announced US$5 billion to support 100 million people in Africa with clean energy access in the next seven years. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said, "Something special is happening in Dubai, the order of magnitude is changing. We have said that climate