To enable a successful transition to a low-carbon, climate-resilient global economy as envisaged in the Paris Agreement, massive amounts of climate finance must flow to support countries’ achievement of their Nationally Determined Contributions and other low-carbon and climate resilience activities. This fifth edition of the Joint Report on Multilateral Development Banks’ Climate Finance provides an overview of mitigation and adaptation finance in the context of the MDBs’ strengthened commitment to work with clients, other development finance institutions, the private sector, and stakeholders to tackle climate challenge with targeted and innovative finance.
In 2015, the MDBs collectively committed more than USD 25 billion in climate finance, and have financed more than USD 131 billion in climate action in aggregate since 2011. As a group, the MDBs have been applying jointly developed methodologies for climate finance accounting, adding transparency to efforts to track global development finance flows that deliver climate co-benefits. In 2015, Common Principles for tracking mitigation and adaptation activities were developed together with the International Development Finance Club (IDFC), and a set of guidelines was established and applied to set a common approach for reporting on climate co-financing flows that are invested alongside MDBs’ climate finance activities. The total climate co-finance committed in 2015 was more than USD 55 billion, giving a total when combined with the MDBs’ climate finance of over USD 80 billion.