COP28 Multilateral Development Banks (MDB) Joint Statement. Photo courtesy of COP28 UAE.
In response to the escalating climate crisis, major Multilateral Development Banks (MDBs)* have issued a historic joint statement. This collaborative effort, stemming from the October 2023 Marrakesh summit and building on progress post-COP27, underscores the critical need to align efforts, mobilize resources, and harmonize methodologies for effective climate action.
For more information on the joint statement, please refer to the official release: https://www.ifc.org/en/statements/2023/cop28-mdb-joint-statement
"In 2022, we jointly committed $61 billion of climate finance for low- and middle-income economies, up 18% from 2021; and close to $100 billion in all economies where we operate. In low- and middle-income countries, adaptation finance accounted for 37% of this, and our total climate cofinance reached $46 billion, of which $15 billion was private finance mobilization."
".. at COP28 we agree to develop a common approach for reporting climate results and impact, and we will continue our close collaboration to harmonize and improve our methodologies for climate indicators... We are committed to scaling up analytics to better integrate climate and development, and help countries identify priorities and investment opportunities."
A noteworthy aspect within this collective commitment is the emphasis on increased harmonisation efforts, as evidenced by the MDBs' unified approach for reporting climate results and impact agreed upon at COP28. Ongoing collaboration aims to refining and harmonizing methodologies for effective climate action, reinforcing a concerted effort to streamline reporting processes of climate-related data.
Furthermore, the commitment extends to scaling up analytics for better integration of climate and development. This strategic move aims to provide a comprehensive understanding of climate and development outcomes, empowering countries to identify priorities and investment opportunities. The joint MDB statement, therefore, stands as a landmark commitment to collaborative and harmonized action, reflecting a shared dedication to address the complex challenges posed by the climate crisis.
As the MDBs intensify their joint efforts at COP28, United Nations Development Business reaffirms its commitment to supporting these initiatives. The focus remains on facilitating data aggregation, promoting knowledge sharing, and fostering collaboration for sustainable development. This collaborative approach not only strengthens the impact of individual MDBs but also sets the stage for a more coordinated and effective global response to the pressing challenges of climate change.
* Statement by the following MDBs: African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, World Bank Group.