DUBAI - Multilateral Development Banks (MDBs) have published a joint statement where they present concrete and urgent actions to scale up finance and enhance climate outcomes measurement, strengthen country-level collaboration, and increase co-financing and private sector engagement. The announcement comes as world leaders are gathering at the COP28 United Nations Climate Change Conference in Dubai, United Arab Emirates.   

“The window of opportunity to secure a liveable and sustainable future for all is rapidly closing. Recognising the interlinkages between the triple planetary crises of climate, nature, and pollution, achieving the Sustainable Development Goals, the goals of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework (GBF) requires all of us to step up our efforts with urgency and scale,” the MDB statement said.  

“Latin America and the Caribbean can be a part of the solution to climate change challenges with its biological diversity, clean energy potential and critical minerals for the economic green transition. At the IDB, we plan to triple climate finance over the next ten years. We have also been devising innovative instruments to increase climate finance and boost its impact. As the IDB assumes the presidency of the multilateral and regional development banks groups, we will work closely with Brazil’s G20 Presidency to advance the reform agenda”, said the IDB president, Ilan Goldfajn. 

In the joint statement, MDBs reaffirm their commitment to socially inclusive, gender responsive and nature positive climate and development action, leveraging different mandates, unique country and client networks, operating models, geographies, and expertise. MDBs will achieve this through:

• An increased focus on measuring climate results, outcomes and impact 
• Coordinated support for countries and sub-national entities to formulate and operationalise Long-term Strategies (LTS) 
• Country level collaboration  
• Attracting private capital at scale 
• Supporting enhanced efforts on adaptation and disaster risk management   

The climate and ecological crises are intertwined with many other global challenges. MDBs therefore also commit to strengthen collaboration in line with MDB respective mandates and governance frameworks on nature, water, health and gender.   

The joint MDB statement announced today builds on their major progress and outcomes delivered to date.  In 2022, MDBs provided record levels of climate finance and private finance mobilization. MDBs jointly committed $61 billion of climate finance for low and middle-income economies, up 18% from 2021; and close to $100 billion in all economies where we operate. In low- and middle-income countries, adaptation finance accounted for 37% of this and total climate co-finance reached $46 billion, of which $15 billion was private finance mobilization.   

In addition, MDBs continue to work on aligning their activities with the Paris Agreement goals using their joint framework published at COP24. In particular, in 2023, MDBs published the Joint MDB Methodological Principles for Assessment of Paris Agreement Alignment of New operations and are supporting just transition efforts in diverse contexts and regions.  

-------------------------------------------------- 

Latin America and the Caribbean at COP28  

The countries of Latin America and the Caribbean are a critical part of the solution to global climate change challenges. In the IDB Pavilion of the Americas at COP28, the Bank is hosting more than 30 events with international leaders and experts to showcase initiatives on climate action, from cutting-edge financial instruments to the conservation and sustainable use of natural resources, the Amazon, a just economic transition and more. Journalists covering COP28 on site are welcome to visit the pavilion, with no registration required. Consult the event schedule here. For journalists covering COP28 remotely, register to access broadcasts of selected events.  

Location: IDB Pavilion of the Americas at Blue Zone, Opportunity District (OA04G2), Pavilion #56 

About the IDB Group 

The IDB Group is the leading source of development financing for Latin America and the Caribbean. We contribute to improving lives by providing financial solutions and development expertise to public- and private-sector clients. The Group comprises the IDB, which has worked with governments for more than 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth. Take our virtual tour.