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Development bank climate finance spending hit $66 billion in 2020

FILE PHOTO: The Eiffel Tower is surrounded by a small-particle haze which hangs above the skyline in Paris, France, December 9, 2016 as the City of Light experienced the worst air pollution in a decade. REUTERS/Gonzalo Fuentes/File Photo

Spending on climate finance by eight of the world’s major multilateral development banks rose to $66 billion in 2020 from $61.6 billion in 2019, with the majority committed to poorer countries, a report on Wednesday said.

A total $38 billion, or 58%, of the total went to low and middle income countries, the 2020 Joint Report on Multilateral Development Banks’ Climate Finance said.

Additional finance committed by other sources alongside the development banks totalled $85 billion, while direct funding from private sources was $5.9 billion.

The increase comes as world leaders gear up for the next round of global climate talks in Scotland where the issue of financial support from developed to developing markets is set to dominate discussions.

“To solve the climate crisis, we must mobilise trillions of dollars,” European Investment Bank Vice-President Ambroise Fayolle said in a statement.

“Today’s report shows that despite the COVID-19 pandemic, MDBs provided crucial support to countries worldwide to build back better for a greener future.”

(Reporting by Simon Jessop; Editing by Tom Arnold)

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