BAKU: The world’s top multilateral banks pledged to ramp up climate finance to low- and middle-income countries to $120 billion a year by 2030 as part of efforts at global talks in Azerbaijan to agree on an ambitious annual target. The new figure includes $42 billion to help adapt to the impacts of extreme weather, a 70% increase over the 2023 number. “We can spend time just discussing issues, but I think it’s better to get on with it and … work as best as possible, together to mobilize green finance, public and private finance, and have maximum impact on the ground,” she said at the meeting. “Provision of climate finance at scale also depends on increased MDB internal resources; a larger pool of grant and concessional funds to support enhanced policy dialogue, finance public goods and mobilize private finance; and additional capital to unlock more MDB financing,” the statement said. “We welcome the ambition set out today by the multilateral development banks, which played a key role in scaling up climate finance to exceed the $100 billion goal,” a U.S. official, who declined to be named, said on the sidelines of the gathering.

Source: The Nation November 13, 2024 17:02 UTC