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Multinational development banks (MDBs), including the African Development Bank (AfDB), have committed to boosting collaboration on climate and development.
This commitment was made at the 2023 United Nations (UN) Climate Change Conference (COP 28) on Monday in the United Arab Emirates.
Signatories to the statement included the African Development Bank Group, European Investment Bank, Asian Development Bank, Asian Infrastructure Investment Bank and Council of Europe Development Bank.
Others were European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group.
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In a joint statement issued on Monday, the MDBs would collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities.
The banks committed to collaborating on “socially inclusive, gender-responsive and nature positive climate and development actions,” leveraging their unique expertise and networks.
For impact, the MDBs would collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities.
They also committed to support countries’ adaptation and disaster risk management efforts through the MDBs’ Early Warning for All initiative, which promoted accessible and inclusive early warning systems for all by 2027.
MDBs would launch a Long-term Strategies Program to help countries and subnational entities to formulate long-term, low-emission development strategies and other long-term climate strategies.
The banks also expressed support for various sectors including water, health and gender, committing to identify and expand financing for gender-responsive solutions for governments and businesses.
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