MDBs unite for urgent climate action: Unprecedented commitments at COP28 to scale finance and Measure climate outcomes

New Delhi [India], December 4 : Multilateral development banks (MDBs) have jointly released a comprehensive statement outlining concrete and time-sensitive actions to escalate financial support, improve climate outcomes measurement, bolster country-level collaboration, and enhance co-financing and private sector involvement in the battle against climate change.
As per ADB, this announcement unfolded as global leaders convened at COP28 in Dubai.
The MDB statement said, "The window of opportunity to secure a liveable and sustainable future for all is rapidly closing. Recognizing the interlinkages between the triple planetary crises of climate, nature, and pollution, achieving the Sustainable Development Goals, the goals of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework (GBF) requires all of us to step up our efforts with urgency and scale".
Warren Evans, ADB Climate Envoy, stressed the critical role of collaboration among MDBs in addressing the climate crisis.
Evans said, "Collaboration among MDBs is crucial to address the climate crisis. It is a massive, complex undertaking that urgently needs to be done now. As Asia and the Pacific's climate bank, ADB is committed to scaling up much-needed climate finance from our own resources and through partnerships to help our developing member countries significantly cut greenhouse gas emissions and build resilience against climate impacts."
He highlighted ADB's commitment as Asia and the Pacific's climate bank to significantly increase climate finance and support developing member countries in reducing greenhouse gas emissions and enhancing resilience.
The MDBs collectively reaffirm their dedication to socially inclusive, gender-responsive, and nature-positive climate and development actions.
Key focus areas include intensifying efforts to measure climate results, outcomes, and impact; coordinating support for Long-term Strategies (LTS) at the country and sub-national levels; fostering country-level collaboration; attracting private capital at scale; and reinforcing endeavours in adaptation and disaster risk management.
Recognizing the interconnectedness of climate and ecological crises with global challenges like nature, water, health, and gender, MDBs commit to strengthening collaboration in alignment with respective mandates and governance frameworks.
The joint statement builds on substantial progress made in 2022, where MDBs delivered record-level climate finance and private finance mobilization.
Notable achievements include a joint commitment of USD 61 billion for climate finance in low- and middle-income economies, an 18 per cent increase from 2021.
Adaptation finance accounted for 37 per cent of committed finance in these countries, reaching a total climate co-financing of USD 46 billion, including USD 15 billion in private finance mobilization.
Furthermore, MDBs continue to align their activities with the goals of the Paris Agreement, emphasizing just transition efforts globally.
The recently published Joint MDB Methodological Principles for Assessment of Paris Agreement Alignment of New Operations reflects their commitment to driving meaningful change.
As ADB remains steadfast in its commitment to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, the collaboration among MDBs signals a crucial step towards addressing the urgent challenges posed by climate change on a global scale.