Ahead of crucial climate summit, development banks pledge to increase climate finance

In advance of the UN Secretary-General’s Climate Summit that will take place later this month, six multilateral development banks on Thursday (Sept. 11) released a joint statement [pdf] pledging to enhance climate finance action designed to help developing and emerging countries address climate change.

The statement was signed by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank and World Bank Group. They said over US$ 75 billion have been delivered since 2011, when they began jointly tracking climate finance flows.

The statement did not give any target for funds, but it listed strategies “to stimulate and support increased global climate action”. The undertaking reflects the aim of the upcoming climate summit scheduled on Sept. 23 in New York, and promoted by UN Secretary-General Ban Ki-moon “as a public platform for leaders at the highest level to catalyze ambitious action on the ground to reduce emissions and strengthen climate resilience and mobilize political will for an ambitious global agreement by 2015 that limits the world to a less than 2-degree Celsius rise in global temperature”.

The event is expected to be a “major turning point”, according to officials organizing the event, even if top leaders of key-countries such as China, India and Canada recently announced they will not attend the day-long summit.