Multilateral development banks (MDBs) provided almost US $27 billion worldwide, in financing to address the challenges of climate change in 2012, according to the second joint MDB report on climate finance. The report was released today, in line with the commitment by MDBs to enhance the transparency of their investments in climate change mitigation and adaptation.
The report analyzes the financial commitments by the institutions to support climate change mitigation and adaptation, and the information provided has been expanded since the first edition to include better sectoral and regional breakdowns of MDB financing.
Of the total US $27 billion in climate finance, 78 per cent - or over US $21 billion - was dedicated to mitigation, while 22 per cent - or nearly US $6 billion - was applied to adaptation. Of the total commitments, eight per cent - or US $2 billion - came from external resources, such as bilateral or multilateral donors, including the Global Environment Facility and the Climate Investment Funds.