Development banks agree new partnership for climate action

The Citizen (Tanzania): Five multilateral development banks (MDBs), which are lending some $8.4 billion annually for climate action in cities, have agreed on a new partnership to combat global warming.

With the overall aim to better coordinate and deepen support to cities in adapting to and mitigating climate change, the African Development Bank, Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and the World Bank have agreed to work more closely to develop common tools and metrics for cities. The five MDBs said they would develop a common approach for cities to assess climate risk, standardize greenhouse gas emissions inventories, and encourage a consistent suite of climate finance options.

Mr Hela Cheikhrouhou, director of the African Development Bank’s Energy, Environment & Climate Change Department said: “Considering that the rates of urbanization in Africa are the highest in the world, this is a timely initiative and is aligned with the Bank Group’s recently approved Urban Development Strategy.”

According to the deputy director general for regional and sustainable development at the Asian Development Bank, Mr Woochong Um, ADB is working with multilateral development banks through the Climate Investment Funds and other avenues to mobilize the public and private sector financing needed by developing Asia and the Pacific to support climate change....