Vice President of the European Investment Bank (EIB) Ambroise Fayolle revealed on Wednesday that the share of the bank’s investment that went to climate and environmental action projects rose to 51% in 2021. “The Bank is transforming faster than anyone could have expected to meet our climate commitments,” he added. During his speech before the 5th High-Level Ministerial Dialogue on Climate Finance organised by the UN Conference of Parties on Climate Change (COP27) that is being held in Sharm El-Sheikh till 18 November, Fayolle mentioned that in 2021, the Multilateral Development Banks (MDBs) provided $82bn for climate action globally, out of which $51bn was for climate finance in low- and middle-income countries. Fayolle further added that MDBs have a key role to play, stressing that working in partnership is the only solution. “We are supporting clients so that they better understand climate risks and build resilient, low-carbon, and inclusive infrastructure, cities, and businesses.

Source: Daily News Egypt November 17, 2022 05:53 UTC