COP29: Multilateral banks pledge $120bn climate finance to low, middle income countries

Deborah BodundeThe world’s top multilateral development banks have pledged to boost climate finance to low and middle income countries by $120 billion annually by 2030.

The banks said their goal is to leverage lending to attract an additional $65 billion in private sector investment.The MDBs however warned that their capacity to do more depends on the commitment of shareholders from developed and developing nations.reports that during a panel discussion in Baku, Ajay Banga, World Bank president, said trillions of dollars would need to be sourced from the private sector, and he expected that annual private sector contribution would exceed the $65 billion target.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COP29: Enhancing Nigeria’s climate finance transparency to attract funding, By Hamzat LawalPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Climate finance gap could reach $359bn, UNEP warns ahead of COP29The United Nations Environment Programme (UNEP) says the global finance gap for climate adaptation could soar to $359 billion.
Source: thecableng - 🏆 2. / 80 Read more »

COP29: Nations must agree on new climate finance goal, says Simon StiellSimon Stiell, the executive secretary of the United Nations, has called on countries to unanimously agree on a new climate finance goal.
Source: thecableng - 🏆 2. / 80 Read more »