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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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Smart city matchmaking in Barcelona

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This year’s Smart City Expo World Congress (SCEWC), Europe’s biggest Smart City related event, takes place from 13 to 15 November in Barcelona and will, like previous editions,  attract several thousand stakeholders.

During the congress, on November 14, the Smart Cities Innovation Partnership on Smart Cities (EIP-SCC) will organise its next matchmaking event, seeking to bring projects and investors together to stimulate action. It is especially tailored to match individual projects with financing.

To take part, stakeholders must register on the matchmaking platform where they will join other cities, industry and financial players. Registered users need to submit short descriptions of their upcoming projects. A dedicated team will then process and match them with financiers’ interests, leading to one-to-one meetings, organised specifically and individually for them and their projects.

Should participation in above-mentioned event not be possible, the matchmaking platform will remain available also after the Barcelona congress, as the EIP-SCC will organise further matchmaking events in the future.

In addition, there will be an exhibition stand, where interested stakeholders can meet any of the 12 Horizon 2020 Lighthouse projects (representing € 270 million of EU funding), experts from the EIP-SCC, the Smart Cities Information System, as well as the European Commission.

Finally, there will be a number of sessions organised at the mentioned exhibition stand as part of the SCEWC programme covering a wide range of Smart City related topics. The full programme is available at http://www.smartcityexpo.com/en/agenda-2018.

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UN sounds alarm as Venezuelan refugees and migrants passes three million mark

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The number of refugees and migrants who have left Venezuela worldwide has now reached three million, the two main United Nations agencies advocating for them announced on Thursday, flagging the need to increase support for the countries which are hosting large numbers of displaced Venezuelans.

According to the UN office for humanitarian coordination (OCHA), most of the 3 million are currently hosted by countries in Latin America and the Caribbean, accounting for about 2.4 million refugees and migrants from Venezuela. Colombia has the highest number with over one million, followed by Peru with half a million, Ecuador with some 220,000, and Argentina with 130,000.

In addition to South American countries, countries in Central America and the Caribbean also recorded increasing arrivals of refugees and migrants from Venezuela. Panama, for example, is now hosting 94,000 Venezuelans.

Commending these countries’ “open-door policy,” Eduardo Stein, who heads the joint effort on behalf of refugee agency UNHCR and migration agency IOM for Venezuelan refugees and migrants, noted however that “their reception capacity is severely strained,” and is “requiring a more robust and immediate response from the international community if this generosity and solidarity are to continue.”

UNHCR Special Envoy Angelina Jolie, noted during a recent visit to Peru, that every Venezuelan she had met described the situation in their country as “desperate,” adding that she heard “stories of people dying because of a lack of medical care and medicine… and tragic accounts of violence and persecution”.

With these rising numbers of families fleeing Venezuela, their basic needs have increased, along with the communities hosting them.

Governments in the region are leading the humanitarian response and working to coordinate efforts based on the Quito Declaration for example, adopted in September and which has been an important step towards a regional approach to scale up the response and harmonize policies.

To support this response, the UN and its partners have appealed for US$220 million to address the needs of 406,000 people across Colombia, Ecuador, Peru and Brazil. The UN Central Emergency Response Fund (CERF) allocated $17.2 million earlier this year.

In addition, a humanitarian regional response plan is underway to be launched in December, with a focus on four areas: direct emergency assistance, protection, socio-economic and cultural integration and capacity-building for governments of receiving countries.

The governments from the region are scheduled to meet again in Quito on 22 and 23 November to continue moving the regional process further.

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Globalization Cannot Be Stopped – but It Can and Should Be Better

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Global GDP has doubled since 1990, but further global integration, while inevitable, must be accompanied by structural reforms that enable greater international cooperation as well as policies that support more inclusive, sustainable societies. This was the finding from the opening plenary of the Annual Meeting of the Global Future Councils which began today in Dubai, United Arab Emirates.

The purpose of the Annual Meeting of the Global Future Councils is to convene the world’s best network of experts to identify new ideas and models that can be applied to critical global challenges. In his opening remarks, Børge Brende, President of the World Economic Forum, told participants: “Globalization cannot be stopped, but it can be improved. It should be more inclusive, sustainable and job creating. We need to stop seeing trade as a weapon but instead see it as a strong, positive force for inclusive, poverty-eradicating growth.”

“Globalization’s future is no longer about physical trade. It is about knowledge, information and technology. Digital trade already accounts for 12% of international trade, and data flows are predicted to increase another fivefold by 2022. The result will inevitably be not less globalization but more, different, globalization,” he continued.

His Excellency Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future of the United Arab Emirates, in his opening address told participants: “The future belongs to those who can imagine it, shape it and implement it. In today’s world, governments cannot create the future singularly; it is important to involve everyone from the private sector to youth, international partners and others in creating policies.”

On the power of the emerging technologies of the Fourth Industrial Revolution to bring about a more inclusive and sustainable future, Al Gergawi said: “The collective mind provided by technology is much smarter than the individual mind. The wisdom of the crowd is a common saying; however, this saying is multiplied a thousand times when talking about and using technology.”

In a special televised session to mark the beginning of the meeting, Miroslav Lajcak, Minister of Foreign and European Affairs of Slovakia, told participants that any global architecture in the age of the Fourth Industrial Revolution needed to be shaped by greater cooperation between nations. “In my 30 years as a diplomat I see less and less dialogue. Even when leaders speak these days there are more monologues and less willingness to accept that they do not own the truth. What is needed is a platform where leaders can discuss openly and honestly where our planet is heading.”

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