World Bank, EIB, ADB promised $120bn climate finance boosting for countries

World Bank, EIB, ADB promised $120bn climate finance boosting for countries.

A group of 10 multilateral banks, including the World Bank, European Investment Bank and Asian Development Bank, has pledged $120 billion annually by 2030 to boost climate finance to low and middle income countries.

This took place on Tuesday at the ongoing COP29 in Baku, Azerbaijan, where the banks also committed $42 billion for adaptation to the effects of extreme weather.

The banks however cautioned that their capacity to do more would depend on the commitment of shareholders from developed and developing nations.

Acccording to Nadia Calvino, president of the European Investment Bank, the private sector is becoming more involved in climate financing, having realised that the costs associated with climate change are unsustainable.

“We can spend time just discussing issues, but I think it’s better to get on with it and work as best as possible, together to mobilize green finance, public and private finance, and have maximum impact on the ground,” Calvino said.

The gap for annual adaptation financing ranges from $187 billion to $359 billion, according to the United Nations Environment Programme.