Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Climate finance from multilateral banks up to $125 billion in 2023

admin by admin
September 20, 2024
in Economy
0
Climate finance from multilateral banks up to $125 billion in 2023
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

By Marcela Ayres

BRASILIA (Reuters) – Global climate finance from multilateral development banks grew by 25% in 2023 to a record $125 billion, according to a report on Friday, with the fastest growth coming in richer countries.

According to the report, climate finance for high-income economies, a World Bank category based on gross national income per capita, rose by 30% to $50.3 billion. Climate finance broadly refers to funding for climate change activities and can include grants, loans and proceeds from bonds.

The expansion of the multilateral banks’ climate finance in low- and middle-income economies was lower, growing by 23% to $74.7 billion.

The report includes data from 10 institutions including the World Bank Group and developments banks focused on Asia, Europe, Africa, Latin America, the Caribbean and the BRICs countries.

Inter-American Development Bank President Ilan Goldfajn said growth in climate finance was significant but stressed the need for more ambitious efforts to address increasing climate disasters, from heatwaves to floods.

“This is a challenge that goes beyond political lines, beyond countries, geography and income. It’s a matter for everybody to deal with,” he said, previewing a message to be delivered at the United Nations General Assembly and Climate Week in New York this month.

Individually, the countries receiving the most climate finance from the institutions last year were France ($7.4 billion), Spain ($7 billion) and Italy ($6.7 billion).

Many emerging economies, which often face scarcer financial resources and greater vulnerability to extreme weather, have called for more financial support to mitigate the climate crisis, especially as debt financing costs have risen.

Much of the growth in climate-focused investments has been aimed at renewable energy and emission reductions rather than adapting to climate change impacts, such as rising seas and more intense droughts, fires and storms.

Of the $125 billion that the institutions directed to climate finance last year, $27.7 billion, or 22% of the total, was for climate change adaptation, down from 25% in 2022.

This post appeared first on investing.com

Previous Post

Investment advisers urge clients away from cash after Fed rate cut

Next Post

Sanofi says tolebrutinib drug delayed progressive MS by 31%

admin

admin

Next Post
Sanofi says tolebrutinib drug delayed progressive MS by 31%

Sanofi says tolebrutinib drug delayed progressive MS by 31%

Trending News

Why is Trump threatening additional tariffs on Europe, and is he serious?

Why is Trump threatening additional tariffs on Europe, and is he serious?

December 20, 2024
Why UK millennials are unlikely to match Gen X and boomers’ earnings growth

Why UK millennials are unlikely to match Gen X and boomers’ earnings growth

December 19, 2024
Chinese stocks rally on stimulus expectations, offsetting declines in Japan and South Korea

Chinese stocks rally on stimulus expectations, offsetting declines in Japan and South Korea

December 6, 2024
Subscribe to Insightful Word


    Recent News

    Chinese EV startups hit record May sales as price war squeezes rivals

    Chinese EV startups hit record May sales as price war squeezes rivals

    June 2, 2025
    India’s Maruti Suzuki sees no immediate impact from China rare earth magnet ban

    India’s Maruti Suzuki sees no immediate impact from China rare earth magnet ban

    June 2, 2025
    Tesla not interested in local electric vehicle production says India minister

    Tesla not interested in local electric vehicle production says India minister

    June 2, 2025
    Home Depot to cap foreign sourcing at 10% by 2026

    Home Depot to cap foreign sourcing at 10% by 2026

    June 2, 2025

    Recent News

    Chinese EV startups hit record May sales as price war squeezes rivals

    Chinese EV startups hit record May sales as price war squeezes rivals

    June 2, 2025
    India’s Maruti Suzuki sees no immediate impact from China rare earth magnet ban

    India’s Maruti Suzuki sees no immediate impact from China rare earth magnet ban

    June 2, 2025

    Latest News

    • Chinese EV startups hit record May sales as price war squeezes rivals
    • India’s Maruti Suzuki sees no immediate impact from China rare earth magnet ban
    • Tesla not interested in local electric vehicle production says India minister

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.