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At COP29 in Azerbaijan, major multilateral development banks pledged to raise $120 billion annually in climate finance for developing nations by 2030, a significant increase from previous years. This effort aims to support poorer countries in reducing emissions and adapting to climate impacts, although it falls short of the trillions needed. MDBs emphasize that their ability to scale up finance relies on increased contributions from their country shareholders and facilitating private sector investment.
The Asian Infrastructure Investment Bank (AIIB), a multilateral development lender with 110 member states, has successfully countered skepticism about its standards and role in the international system, according to Vice President Danny Alexander. He emphasized the bank's commitment to openness for new members and private capital, highlighting its achievements over the past decade.
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development banks commit to 120 billion dollars in climate finance by 2030
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13:34 12.11.2024
AIIB proves critics wrong after a decade of successful operations
09:00 30.09.2024
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