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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 European Investment Bank has announced a 900-million-euro aid package to support Spain's recovery from devastating flash floods that recently struck the eastern region of Valencia, resulting in at least 217 fatalities. Prime Minister Pedro Sanchez previously pledged 10.6 billion euros to assist flood victims. EIB head Nadia Calvino emphasized the need for resilient rebuilding methods to withstand increasingly severe climate events.
As the U.S. presidential election approaches, Ukraine's future aid hangs in the balance, with concerns over potential funding cuts regardless of whether Kamala Harris or Donald Trump wins. Analysts warn that a Trump administration could drastically reduce military support, while even a Harris victory may struggle to secure significant aid from Congress. The G7 has agreed on a $50 billion loan to Ukraine, but experts emphasize that this is insufficient for long-term needs, highlighting the urgency for Europe to step up its support.
European Investment Bank BANK - EIB Statute
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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
European Investment Bank allocates 900 million euros for flood recovery in Spain
19:38 06.11.2024
us election poses critical challenge for future aid to ukraine
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07:50 05.11.2024
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