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2019-09-23 14:20:00

CLIMATE INVESTMENT WILL UP TO $175 BLN

CLIMATE INVESTMENT WILL UP TO $175 BLN

EBRDIn a statement today at the UN Secretary-General’s Climate Action Summit in New York, nine multilateral development banks (MDBs) announced plans to increase the global climate action investments they support each year to US$ 175 billion by 2025. 

In 2018, MDB climate finance in developing countries and emerging economies already reached record annual levels: resulting in US$ 111 billion of combined MDB climate finance and co-finance.

“We will focus on building and strengthening partnerships for greater impact,” said the statement by MDBs, which have been at the forefront of ambitious climate action for more than a decade. It added:  “We are united in increasing our collective ambitions, as well as our clients’, to ensure that the common goals of the Paris Agreement will be met.”

The increased funding will come in three streams.

  • Annual combined MDB climate finance globally will rise to US$ 65 billion by 2025 – a 50 per cent increase from current levels - with US$ 50 billion for low and middle income economies
  • Within this total, annual combined climate adaptation finance will double to US$ 18 billion by 2025
  • Annual co-financing for investment in climate action is expected to rise significantly to US$ 110 billion by 2025. Of that, US$ 40 billion is expected to be mobilised from private sector investors.

The joint financing pledge comes amidst growing evidence of the need for urgent and systemic combined action to meet the common goals of the 2015 Paris Agreement on Climate Change, which aims to limit the increase in global temperatures to well below 2°C, pursuing efforts for 1.5°C.

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Earlier:

CLIMATE INVESTMENT WILL UP TO $175 BLN
2019, September, 19, 14:00:00
NUCLEAR, RENEWABLE ENERGY
Nuclear and renewable generation should be used in combination to make the most of their synergies in integrated systems to help the world meet carbon reduction goals and limit temperature rise, leaders from governmental and non-governmental organisations and industry said yesterday. Innovative nuclear technologies will play their part in integrated systems alongside renewables, with combined uses of heat and power, hydrogen production, desalination and industrial decarbonisation.
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the Indian government wants state-run companies to build massive clean energy parks at a cost of around $2 billion each.
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However, over the past two years, global investment in renewable energy has been on the decline. Global investment in renewable energy peaked in 2017 at $326.3 billion, and in 2018 fell by 11.5% to $288.9 billion,
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2019, September, 6, 13:35:00
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Investment in new renewable energy is on course to total $2.6 trillion in the years from 2010 through the end of 2019, according to a study by BloombergNEF for the United Nations Environment Program and Frankfurt School’s UNEP Center published Thursday.
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Tags: CLIMATE, INVESTMENT