Development Banks Aim to Hit $185 Billion for Climate

Ten multilateral development banks on Monday issued a joint pledge to scale up finance to help low- and middle-income countries adapt to climate change, saying they expect to commit $185 billion to a mix of adaptation and mitigation projects by 2030.

That amount would include $120 billion from the banks’ own accounts and $65 billion in private capital mobilization, said Ilan Goldfajn, president of the Inter-American Development Bank. Last year, development banks delivered and mobilized a record $118 billion for climate action in low- and middle-income nations, he said.