The 2018 Joint Report on Multilateral Development Banks’ Climate Finance showed this was a 22 percent increase from the total climate financing of $35.2 billion the previous year. For the Philippines, MDBs provided total financing of $1.967 billion in climate financing from 2015 up to 2018. Climate financing by development banks rose sharply after the adoption of the 2015 Paris climate agreement. The 2018 report also summarizes information on climate finance from the Islamic Development Bank (IsDB), which joined the MDB climate finance tracking groups in October 2017. The regions of Sub-Saharan Africa, Latin America and the Caribbean and South and East Asia were the top recipients of MDB climate finance in 2018.

Source: Philippine Star June 14, 2019 16:00 UTC