Climate finance committed by major multilateral development banks (MDBs) rose to a total of US$ 66 billion last year from US$ 61.6 billion in 2019, according to the 2020 Joint Report on Multilateral Development Banks’ Climate Finance. Of this, 58 per cent – or US$ 38 billion – was committed to low- and middle-income economies. The total climate co-finance committed during 2020 alongside MDB resources was US$ 85 billion. Together, MDB climate finance and climate co-finance totalled more than US$ 151 billion. The amount of private direct mobilisation stood at US$ 5.9 billion. Accelerating the transition to low-carbon and climate-resilient economies through climate finance is a key element of the MDBs’ effort to align their activities with the objectives of the 2015 Paris Agreement to keep global warming well below 2°C, with efforts to limit it to 1.5°C, along climate-resilient development pathways. In the past six years, the MDBs have jointly committed a total of US$ 257 billion in climate finance, of which US$ 186 billion was directed at low- and middle-income economies.
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