Renewable Energy projects received $6 billion in funding last year

A recent Climate Finance report has revealed that renewable energy projects received funding worth $6 billion from multilateral banks in 2015.

The report was written by a group of multilateral development banks (MDBS), composed of the African Development Bank, the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG), and the World Bank Group (WBG).

Together, they provided a total of $25 billion in climate finance worldwide – around $5 billion into adaptation projects and $20 billion into mitigation projects.

The World Bank Group led with a total investment of $10.7 billion, followed by the European Investment Bank with $5.1 billion of investment.

The renewable energy sector was the largest beneficiary, receiving a total of $6 billion, and the transportation sector received $5.3 billion, followed by energy efficiency at $2.8 billion.

In terms of regions, non-EU Europe and Central Asia received 24% of the total $20 billion into mitigation projects, while East Asia and Pacific, EU11, and South Asia received around $3 billion each.

The Middle East and North Africa combined with sub-Saharan Africa received a total investment of almost $3 billion.

According to the report, “2015 marked the convergence of major global climate, development, and disaster risk management milestones which chart a more sustainable global future. These milestones have set the tone for how institutions like the multilateral development banks prioritize their actions and operate in client countries.”

The report also cites the Paris Agreement as the foundation for the MDBs’ contribution to efficient and effective low-carbon and climate-resilient development.

 

These topics and more will be discussed at the Sustainable Investment Forum, taking place on September 20th 2016 in New York. For more information and to register, visit the website at http://www.sustainableinvestmentforum.org/.