Climate finance for the world's six largest multilateral development banks reached US$43.1 billion in 2018

The climate change project won record funding last year from the world's largest multilateral development bank, which pledged to raise emissions by 60 percent since the 2015 Paris climate accord, a report released Thursday said
.

In 2018, six multilateral development banks provided US$43.
1 billion to promote projects to address climate risks and reduce emissions, up 22% from the previous year and accounting for nearly 30%
of the bank's total operations.

Some of these financing projects include installing flood barriers at affordable rural housing program sites that are at risk of flooding, and supporting policy actions, such as accelerating and increasing a nation's renewable energy program
.

The six major multilateral development banks include the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Inter-American Development Bank Group (IDBG
).
and the World Bank Group (WBG).

The banks announced a joint framework in 2018 to align their work with the Paris Agreement, which aims to bring global temperatures as close to 1.
5 degrees Celsius
as possible.

Last year, much of the bank's climate finance was aimed at reducing greenhouse gas emissions and slowing global warming, with more than $30 billion
invested.
Nearly $13 billion has also been invested to adapt to the effects of climate change, including worsening droughts, flooding, extreme weather events and rising sea levels
.

In addition, banks reported net climate cofinancing of US$68.
1 billion, or investments
from the public and private sectors.

Climate activists have called on development banks to abandon any investments
related to burning fossil fuels.
Related environmental groups have been opposing the financing of the European Investment Bank, the World Bank and the European Bank for Reconstruction and Development for two new pipelines to deliver gas from Central Asia to Europe, the Trans-Adriatic Pipeline and the Trans-Anatolian Gas Pipeline
.

According to the report, the EIB invested $5.
7 billion in climate finance in 2018, second only to the World Bank Group, which invested $21.
3 billion.

The World Bank announced in 2017 that it would no longer finance
upstream oil and gas projects beyond this year, except for certain gas projects in the poorest countries under exceptional circumstances.
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