Multilateral development banks (MDB) agreed to scale up innovative funding to $42 billion by 2030.
The funds will boost climate adaptation and resilience.
Officials from MDBs met at a side event on the opening day of the 30th United Nations Climate Conference (COP30) in Belém, Brazil, on Monday.
A panel discussion themed “financing climate resilience is not a cost, but an investment”outlined how institutions are fulfilling Paris Agreement commitments by mobilising substantial and innovative resources for climate adaptation and mitigation.
Ilan Goldfajn, President of the Inter-American Development Bank Group, said “resilience is more than a concern for the future- it is also essential for development today. At the Inter-American Development Bank, we are turning preparedness into protection and resilience into opportunity.”
COP30 in Belém, Brazil runs from 10 to 21 November.
Tanja Faller, Director of Technical Evaluation and Monitoring of the Council of Europe Development Bank, stressed that climate change “not only creates new threats, but also amplifies existing inequalities. The most socially vulnerable people are the hardest hit and the last to recover. This is how a climate crisis also becomes a social crisis.”
The discussion was attended by representatives from the Islamic Development Bank, the Asian Infrastructure Investment Bank, the Asian Development Bank, the World Bank Group, the European Bank for Reconstruction and Development, the European Investment Bank, the New Development Bank and IDB Invest (the private sector arm of the Inter-American Development Bank Group).
Outgoing COP President Mukhtar Babayevn, Azerbaijan’s Minister of Ecology, urged developed nations to fulfil their promises made at the Baku Conference, including commitments to mobilise $300 billion in climate finance.
Picture: Supplied