European Investment Bank and World Bank join Asian, American and African counterparts to boost action on tackling climate change
By Jessica Shankleman
12 Sep 2014
Six of the world’s largest development banks, including the European Investment Bank (EIB) and the World Bank, have underlined their commitment to delivering climate finance ahead of a major United Nations Summit due to be held in New York later this month.
In a joint statement published yesterday, the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Inter-American Development Bank (IDB), as well as the EIB and World Bank, said they would maintain a strong focus on tackling climate change, in particular working with the private sector to deliver the trillions of dollars that will be needed to help poorer countries deal with the worst impacts of global warming.
The banks said they have already delivered more than $75bn (£46bn) in climate finance for developing and emerging economies since 2011, but now need to further accelerate climate-related investment activity.
“We will further co-ordinate our financing, ideas and analyses, and continue to harmonise our approaches on climate action,” the statement confirmed. “Our ambition is to stimulate and support increased global climate action.”
The statement commits the banks to a number of measures, including placing climate change at the centre of its operations, providing transparent and harmonised climate finance reporting, and developing innovative new clean tech investment ideas.
“By seizing opportunities for investment and attracting finance at scale for low-carbon and resilient development, we encourage others to join us in catalysing the necessary increase in climate finance,” they added.
The move comes as more than 100 world leaders prepare to meet in New York later this month to discuss how to provide fresh momentum to the long-running UN climate negotiations. Finance is expected to play a key part in the talks, with many developing nations frustrated at the repeated failure of industrialised nations to deliver the large-scale investment they argue is necessary to help them cope with climate impacts.