MDBs set $120 billion for climate financing

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MDBs set $120 billion for climate financing - Business Mirror

Quick Summary:

LOW- and middle-income countries like the Philippines can access at least $120 billion worth of climate financing from multilateral development banks (MDBs) by 2030.

Based on country demand, MDBs will build on successful examples to support the launch of new platforms, while deepening collaboration with partners including the International Monetary Fund.

The common approach, issued in April, is the first shared framework to define, measure, and link global progress on climate mitigation and adaptation with the climate results of MDB activities.