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“Multilateral Climate Finance Rises 7% to 66 Billion by 2020” – ADFB

“Multilateral Climate Finance Rises 7% to 66 Billion by 2020” – ADFB

Multilateral financial institutions funded climate change-related investments worth $66 billion in 2020, up 7% from the $61.5 billion channeled in 2019 for this purpose.

“Financing for climate-related investments by major multilateral development banks increased to a total of $66 billion last year, which compares with $61.9 billion in 2019,” reads a note from the African Development Bank (AfDB) sent to Lusa this Thursday.

“Of this total, 58 percent, about $38 billion was made available to middle- and low-income economies,” the note adds.

The document points out that, in total, climate-related funding was $151 billion.

“Accelerating the transition to climate-resilient and low-carbon economies through climate finance is a key element of the efforts multilateral banks are making to align their activities with the goals of the Paris Agreement and keep global warming below 2 degrees,” the note further states.

The ADB reports a mobilization of $257 billion over the past six years, of which $186 billion was channeled to middle- and low-income economies.

“The ADB’s share of financing has increased fourfold between 2016 and 2019 and is expected to reach 40% of the bank’s total investments by the end of this year,” said Al-Hamndou Dorsouma, director of the department on climate change and `green’ growth at the ADB.

The official added that this entity “is on track to reach the goal of $25 billion between 2020 and 2025 in supporting investments in this area.”

The ADB is a multilateral financial entity dedicated to financing development, whose shareholders are the African governments and other non-regional countries.

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