According to a new report from six large multi-lateral development banks (MDBs) a good amount of funds went into climate finance globally. The MDBs’ channeling and leveraging of climate finance supports a mix of policy work and investments in both the public and private sectors with adaptation and mitigation benefits. Of the $28 billion committed in 2014, 82% was dedicated to mitigation projects that can reduce greenhouse gas emissions, and 18% went to adaptation projects designed to help countries adjust to the impacts of climate change and build resilience.
Of mitigation projects the bulk of the MDBs’ climate finance saw 35% go toward renewable energy, 27% into clean transportation, and energy efficiency projects came in at 22%. The report indicated that of the adaptation projects, the largest areas of investment were in energy, transportation and built-environment infrastructure work.
By region, the largest percentage of the MDBs’ cumulative financing went to developing and emerging economies with Africa accounting almost a quarter of financing; North Africa and the Middle East were at 9% and sub-Sahara Africa came in at 15%.
The data covers climate finance from the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and the World Bank Group (WBG), which includes the International Finance Corporation (IFC), International Bank for Reconstruction and Development (IBRD), and International Development Association (IDA).