COP27: MDBs Pledge “Integrated” Support for Transition

The world’s major multilateral development banks (MDBs) have committed to tackling sustainable development, climate change and nature loss “in an integrated manner”, in a joint statement at the COP27 Climate Change Conference. The MDBs said they would expand their support for countries’ low-carbon, climate-resilient transitions by formulating policies to spur systemic change, defining specific investment plans, mobilising financial resources – including public, private and blended finance – and undertaking analyses to to identify priority mitigation and adaptation actions for individual countries. In 2021, the MDBs delivered US$51 billion of climate finance in low and middle income countries, split 65/35 between mitigation and adaptation, and US$31 billion in high income countries (95/5), while mobilising and additional US$41 billion of private finance. The MDBs identified common priorities for delivering high impact outcomes, including: implementing Paris-alignment approaches, mainstreaming just transition efforts, boosting adaptation finance, supporting efforts on nature, increasing concessional finance and scaling up mobilisation of private finance. “Transformational results and systemic impacts at sector level depend on comprehensive efforts by countries, MDBs and all public, private and civil society partners, local communities and indigenous people,” the statement said.

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