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While these programmes affected MDBs’ normal lending operations and thus the delivery of their climate finance targets, seeing the total commitments for low- and middle-income countries dip from 2019’s US$ 41.5 billion, the 2020 report says interventions and support from the MDBs laid a solid foundation for “building back better” for a greener, more resilient, post-Covid-19 future. The 2020 financing helped play a key role in supporting countries to embed green and climate-focused solutions as part of their recoveries from the impact of COVID-19.
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These included the Climate Investment Funds (CIF), Green Climate Fund (GCF) and climate-related funds under the Global Environment Facility (GEF), EU blending facilities and others. Of the 2020 total of US$ 66 billion, US$ 63 billion came from the MDBs’ own accounts and almost US$ 3 billion from external resources channelled through and managed by MDBs. “The MDBs will continue to improve their tracking and reporting of climate finance in the context of their commitments to ensure consistent financial flows to the countries’ long-term, low-carbon and climate-resilient development pathways, as established in … the Paris Agreement,” says the 2020 report, which is the 10th in the series. These include at least US$ 65 billion, with US$ 50 billion of MDB climate finance for low-income and middle-income countries an increase in adaptation finance to US$ 18 billion and private direct mobilisation of US$ 40 billion. In 2019, at the UN Secretary-General’s Climate Action Summit, MDBs announced their expected joint annual climate action finance to 2025. This year’s report marks the end of the reporting period tracking individual climate finance pledges since 2015 for most, 2021 will mark the start of a new increase in ambition.
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The annual report is a key indicator on the progress MDBs are making on accelerating the delivery of climate finance, for which demand is clearly going to grow over time. 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. The amount of private direct mobilisation stood at US$ 5.9 billion.Īccelerating 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☌, with efforts to limit it to 1.5☌, along climate-resilient development pathways. Together, MDB climate finance and climate co-finance totalled more than US$ 151 billion.
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The total climate co-finance committed during 2020 alongside MDB resources was US$ 85 billion. Of this, 58 per cent – or US$ 38 billion – was committed to low- and middle-income economies.