December 4 (Renewables Now) - Nine Multilateral Development Banks (MDBs) at the start of COP24 in Katowice, Poland announced they will work to align their activities with the Paris Agreement goals and presented six key areas of action.
These banks are the African Development Bank Group (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank Group, Islamic Development Bank, New Development Bank (NDB), and the World Bank Group.
According to a joint declaration issued Monday by the banks, the six building blocks considered central to meeting the Paris goals include:
-- Alignment with mitigation goals -- as part of which the MDBs' operations will become fully compatible with the overall climate change mitigation objectives of the Paris Agreement. The banks will assess operations against transition risks and opportunities related to climate change.
-- Adaptation and climate-resilient operations -- where the banks will work to ensure their operations are more climate-resilient and to also strengthen their clients’ and their communities’ ability to adapt to the impacts of climate change.
-- Accelerated contribution to the transition through climate finance -- under which the MDBs aim to scale-up the provision of climate finance and support low-emissions and climate-resilient development pathways through their interventions. The banks say MDBs have provided a total of USD 35 billion (EUR 31bn) in climate finance in 2017.
-- Engagement and policy development support -- which includes further efforts to develop services for countries and other clients to put in place long-term strategies and accelerate the transition to low-emissions and climate-resilient development pathways.
-- Reporting -- which requires the development of tools and methods for characterising, monitoring and reporting on the results of the banks’ Paris-alignment activities.
-- Align internal activities -- or work to ensure that internal operations, including facilities and other internal policies, are in line with the objectives of the Paris Agreement too.
The MDBs will present their joint Paris alignment approach and individual MDB progress towards alignment at COP 25 in 2019.