15:39
Credit to Aaron Kaah
PAMACC Team in Paris
Multilateral
development banks (MDBs) at the twenty-first conference of the United
Nations Framework Convention UNFCCC holding in Paris today identified
climate financing for development action as a crucial step in putting
the world on the pathway for sustainable development.
In
a joint statement, the heads of African Development Bank (AfDB), Asian
Development Bank (ADB), European Bank for Reconstruction and Development
(EBRD), European Investment Bank (EIB), Inter-American Development Bank
(IDB), and the World Bank Group (WBG) pledged to further mobilize
public and private finance to help countries reduce greenhouse gas
emissions and adapt to climate change.
The
leaders reiterated their commitment to “considering climate change
across our strategies, programs, and operations to deliver more
sustainable results, with a particular focus on the poor and most
vulnerable.”
It
noted that the six institutions had already delivered US$100 billion
for climate action in developing and emerging countries in the four
years since starting to track climate finance in 2011.
The
statement followed on commitments in recent weeks by the MDBs to
increased financing for climate change mitigation and adaptation over
the next few years.
The
MDBs “pledge to increase our climate finance and to support the
outcomes of the Paris conference through 2020,” the statement read.
“Each of our organizations has set goals for increasing its climate
finance and for leveraging finance from other sources… These pledges
support the US$100 billion a year commitment by 2020 for climate action
in developing countries.”
According
to Akinwumi Adesina, President of the African Development Bank Group,
“Africa has already been short-changed by climate change." Now, we must
ensure that Africa is not short-changed in terms of climate finance. The
African Development Bank stands fully ready to support greater climate
financing for Africa,” he added.
Mr.
Adesina stated that since Africa was growing in double digits, the AfDB
will pump $50 billion in the next ten years for energy development,
agricultural and youth empowerment in Africa.
He
further admitted that all fingers are not the equal hence those who
pollute more have greater moral responsibility to fund more
climate-resilient projects in vulnerable countries of the world.
Already
UNFCCC has acknowledged the receipt of climate action plans from 183
countries laying out plans to tackle climate change and to reduce
emissions.
The AfDB president cited new delivery platforms as assets in the execution and implementation of this project.
He
urged the industralised countries to fund and support Africa most
especially in the quest for a sustainable development pathway.
President
Jim Yong Kim of the World Bank Group declared that “we have the
resources, we have the collective will, and we have a clear roadmap in
the national plans that our clients have submitted ahead of Paris.”
On
his own part, Takehiko Nakao President of the Asian Development Bank
believes that “climate finance is critical to mitigate and adapt to
climate change impacts." However, finance alone is not enough. "It is
imperative that we combine increased finance with smarter technology,
stronger partnerships and deeper knowledge,” he said.
Sir
Suma Chakrabarti, president of European Bank for Reconstruction and
Development (EBRD) reckons that with their long experience as leaders in
climate finance, "the Multilateral Development Banks are making
important contributions to combatting climate change, using their strong
base of expertise to step up green finance, policy advice and the
mobilization of crucial private sector funding."
For
its part the EBRD is further scaling up its climate finance activity
through the implementation of its recently approved Green Economy
Transition approach.
The
Inter-American Development Bank (IDB) In the run-up to COP21,
confirmed working with many countries in designing their national
contributions towards tackling climate change. The IDB President Luis
Alberto Moreno further stated that following the Paris conference, "we
will help countries to translate these into investment plans that
successfully attract the necessary capital for full implementation.”
