By The Financial District
Jul 3, 20211 min
Spending on climate finance by eight of the world's major multilateral development banks rose to $66 billion in 2020 from $61.6 billion in 2019, with the majority committed to poorer countries, a report released last week stated.
A total $38 billion, or 58%, of the total went to low and middle-income countries, the 2020 Joint Report on Multilateral Development Banks' Climate Finance said.
Additional finance committed by other sources alongside the development banks totaled $85 billion, while direct funding from private sources was $5.9 billion, Simon Jessop reported for Reuters.
The increase comes as world leaders gear up for the next round of global climate talks in Scotland where the issue of financial support from developed to developing markets is set to dominate discussions.
"To solve the climate crisis, we must mobilize trillions of dollars," European Investment Bank Vice-President Ambroise Fayolle said in a statement.
"Today's report shows that despite the COVID-19 pandemic, MDBs provided crucial support to countries worldwide to build back better for a greener future."