The African Development Bank and other multinational development banks commit to strengthening collaboration on climate and development

by MMC
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Multilateral development banks participating in the 2023 United Nations Climate Change Conference (COP 28) today affirmed their commitment to concerted global action, including by increasing co-financing and private sector engagement to fight against climate change, felt acutely in Africa.

Despite contributing the least to global warming and having the lowest emissions, Africa faces existential risks from the catastrophic impact of climate change. Persistent droughts in the Horn of Africa and recent devastating floods in Libya, Malawi, Mozambique, Zimbabwe and other parts of the continent have claimed thousands of lives, destroyed infrastructure, washed away hundreds of hectares of food crops and threatened to push millions of people to flee. extreme poverty.

In a joint statement issued in Dubai, United Arab Emirates, the banks committed to collaborating on “socially inclusive, gender-sensitive and nature-positive development and climate actions,” leveraging their expertise and their unique networks.

Signatories to the declaration include the African Development Bank Group, the European Investment Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development. Bank and the World Bank Group.

To make an impact, MDBs will collaborate to attract large-scale private capital for countries, expand the scope of reporting on results and climate impact, and help countries identify priorities and investment opportunities.

They also committed to supporting countries’ adaptation and disaster risk management efforts through the MDB’s Early Warning for All initiative, which promotes accessible and inclusive early warning systems for all by 2027. MDBs will launch a program of long-term strategies to support countries and subnational organizations. entities to formulate long-term low-emission development and other long-term climate strategies.

Banks also expressed support for various sectors, including water, health and gender, by pledging to identify and increase financing for gender-responsive solutions for governments and businesses.

According to a joint MDB report (https://apo-opa.co/414XDA4) launched in October, climate finance by multilateral development banks for low- and middle-income economies reached a new record of $60.7 billion in 2022, up 46% from 2019. Around $38.0 billion, or 63% of the amount, was spent on climate. funding for climate change mitigation, and $22.7 billion, or 37%, went to climate change adaptation. Private financing amounted to $16.9 billion.

Distributed by APO Group for the African Development Bank (AfDB) Group.

Media contact:
Kwasi Kpodo
Communication and External Relations
media@afdb.org

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