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MDB Climate Finance Hit Record High of $35.2 Billion in 2017

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Climate financing by the world’s six largest multilateral development banks (MDBs) rose to a 7-year high of $35.2 billion in 2017, up 28% from the previous year.

The MDBs’ latest joint report on climate financing said $27.9 billion, or 79% of the 2017 total, was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming.

The remaining 21%, or $7.4 billion, of financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change such as unusual levels of rain, worsening droughts, and extreme weather events.

In 2016, climate financing from the MDBs had totaled $27.4 billion.

The latest MDB climate finance figures are detailed in the 2017 Joint Report on Multilateral Development Banks’ Climate Finance, combining data from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group (World Bank, IFC, and MIGA). These banks account for the vast majority of multilateral development finance. In October 2017, the Islamic Development Bank joined the MDB climate finance tracking groups, and its climate finance figures will be included in reports from 2018 onwards.

Climate funds such as the Climate Investment Funds (CIF), the Global Environment Facility (GEF) Trust Fund, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the European Union’s funds for Climate Action, the Green Climate Fund (GCF), and others have also played an important role in boosting MDB climate finance. As well as the $35.2 billion of multilateral development finance, the same adaptation and mitigation projects attracted an additional $51.7 billion from other sources of financing last year.

Of the 2017 total, 81% was provided as loans. Other types of financial instruments included policy-based lending, grants, guarantees, equity, and lines of credit.

Latin America, Sub-Saharan Africa, and East Asia and the Pacific were the three major developing regions receiving the funds. The report contains a breakdown of climate finance by country.

The sharp increase came in response to the ever more pressing challenge of climate change. Calls to galvanize climate finance were at the heart of events such as the One Planet Summit in Paris in December 2017, 2 years after the historic Paris Agreement was adopted. Multilateral banks began publishing their climate investment in developing countries and emerging economies jointly in 2011, and in 2015, MDBs and the International Development Finance Club agreed joint principles for tracking climate adaptation and mitigation finance.

Climate finance addresses the specific financial flows for climate change mitigation and adaptation activities. These activities contribute to make MDB finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development, in line with the Paris Agreement. The MDBs are currently working on the development of more specific approaches to reporting their activities and how they are aligned with the objectives of the Paris Agreement.

“ADB’s climate investments reached $4.5 billion last year, a 21% increase from 2016 and in line with our climate finance commitment to reach $6 billion by 2020. ADB will continue to deepen its collaboration with other MDBs while employing consistent and rigorous methodologies to track climate finance,” said ADB Vice-President for Knowledge Management and Sustainable Development Mr. Bambang Susantono. “ADB acknowledges the critical role of external funding and has accessed $265 million in concessional financing from the Green Climate Fund to date. It also continues to establish innovative financing facilities, such as the Asia Pacific Climate Finance Fund, which supports financial risk management products that can help unlock financing for climate investments in clean technologies and that build resilience to climate risks.”

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Another 170 migrants disappear in shipwrecks: UN call for an end to Mediterranean tragedy

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Refugees from countries in Sub-Saharan Africa await assistance and a health-screening by the Spanish Red Cross in the port of Malaga, after disembarking from a Spanish rescue ship. 19 September 2018. © UNHCR/Markel Redondo

The United Nations refugee agency, UNHCR, stated on Saturday that “no effort should be spared” in saving lives at sea, following reports of two new shipwrecks on the Mediterranean Sea, in which some 170 people either died or went missing.

“The tragedy of the Mediterranean cannot be allowed to continue,” said Filippo Grandi, the UN High Commissioner for Refugees.

According to various NGOs, about 53 people died on the Alborán Sea, in the western part of the Mediterranean. One survivor is understood to have been rescued by a passing fishing boat after being stranded for more than 24 hours at sea and is receiving medical treatment in Morocco.

According to UNHCR, Moroccan and Spanish rescue vessels have been searching for the boat and survivors for several days to no avail.

The Italian Navy are also reporting another shipwreck on the central Mediterranean. Three survivors, who were taken for treatment on the island of Lampedusa, reported that another 117 people, currently dead or missing, had boarded the ship with them in Libya.

UNHCR has been unable to independently verify the death tolls for these two shipwrecks, but in 2018, 2,262 people lost their lives attempting to reach Europe via the Mediterranean Sea.

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Guterres:The best-selling brand today is fear

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Warning against the dangers of widespread fear and mistrust in our planet, the United Nations Secretary-General, António Guterres, told journalists on Friday he wants to reaffirm the UN as a “platform for action to repair broken trust in a broken world.”

“The best-selling brand in our world today is indeed fear,” stated Mr. Guterres. “It gets ratings. It wins votes. It generates clicks,” he added, during the press conference, held at UN headquarters in New York.

“I believe the biggest challenge that governments and institutions face today is to show that we care – and to mobilize solutions that respond to people’s fears and anxieties with answers, with concrete answers,” he explained.

The Secretary-General was speaking two days after presenting his areas of action for the UN for 2019 to the 193 Member States, who, he said, widely responded to his remarks by highlighting the importance of multilateralism.

“As we look to the challenges we face – from climate change to migration to terrorism to the downsides of globalisation – there is no doubt in my mind that global challenges require global solutions,” he noted. “No country can do it alone. We need multilateralism more than ever.”

The UN chief noted that “dismissing or vilifying the doubters of multilateralism will lead nowhere,” and insisted on the importance of understanding why “many people around the world are not convinced of the power and purpose of international cooperation.”

Citing the fact that, in the process of globalisation and technological progress, many people, sectors, and entire regions were left behind, he explained the UN needs to focus on addressing the root causes of this widespread mistrust, anxiety, anger and fear, over three key areas of work: accelerating sustainable development, strengthening the added value of the United Nations through reform, and engaging societies to put an end to the rise of hate speech, xenophobia and intolerance.

“We hear troubling, hateful echoes of eras long past. Poisonous views are penetrating political debates and polluting the mainstream,” warned Mr. Guterres, as he stressed the need to remember the lessons of the 1930s and the Second World War.

“Hate speech and hate crimes are direct threats to human rights, sustainable development and peace and security,” he said.

Stressing that “words are not enough,” the UN Secretary-General announced he has tasked his Special Adviser for the Prevention of Genocide, Adama Dieng, to bring together a team to develop a UN-wide strategy and urgent global plan of action against hate speech and hate crimes.

Mr. Guterres stated that his “absolute priority for 2019” is to make sure the United Nations is a “platform for action to repair broken trust in a broken world and deliver for people”.

Following his opening remarks, the Secretary-General answered questions from members of press on various issues handled by the UN, including the situation in Venezuela, in Syria, and in the Democratic People’s Republic of Korea, the plight of migrants and refugees worldwide, recent uncertainty around the elections in the Democratic Republic of the Congo, as well as UN funding challenges.

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Knowledge Exchange Program between World Bank and Parliamentarians of Nepal

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photo: World Bank

Members of the Federal Parliament in Nepal and officials from the World Bank held consultations and development policy dialogue at a knowledge exchange program held today. Over 40 members of the Parliamentary Finance Committee and the Parliamentary Secretariat took part in the program.

“These engagements with the representatives of the people of Nepal are a key part of our role and responsibility as trusted partners in Nepal. They allow us to exchange ideas, and to better understand the vision of the Nepali people in reducing extreme poverty and boosting shared prosperity. It also allows us to share experiences on development narratives from the rest of the world.” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal, “The country’s path of nation-building and sustainable development relies on sound policies and institutions, and the Parliament is key in ensuring that these are both in place.”

During the program supported by the World Bank and facilitated by the Parliament Secretariat, the Country Manager Faris H. Hadad-Zervos introduced the World Bank Group operations in Nepal, its instruments, country partnership framework and areas of development support. This was followed by a synopsis of the Bank’s analysis of latest macroeconomic and development updates, presented by World Bank Senior Country Economist Kene Ezemenari. Xiaoping Wang and Rabin Shrestha, Senior Energy Specialists from the World Bank then presented on the current scenario of the power sector in Nepal.

“The program was a great opportunity to understand the World Bank Group operations and explore avenues of cooperation and support in the days to come,” said Krishna Prasad Dahal, Chairperson of the Parliamentary Finance Committee, “Extensive sharing of data, information and practical knowledge will help pinpoint the direction of future policies and refine our responsibilities as lawmakers.”

The World Bank is engaging the Nepali Parliament in various ways. Through the Integrated Public Financial Management (PFM) Project supported by the Multi-Donor Trust Fund (financed by Australia, Switzerland, DFID, EU, Norway and USAID), The World Bank is currently supporting the Parliament of Nepal through strengthening of the PFM capacity of technical staff in the Secretariat. Knowledge exchange opportunities will be provided to MPs within this program. Provincial Parliaments will also be progressively targeted since they can benefit from the expertise of the Federal Parliament to build their own.

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