Climate financing by the world's six largest multilateral development banks, or MDBs, hit a seven-year high in 2017 as the challenge of climate change intensified, according to a joint MDB report published by the African Development Bank.
Climate financing from the MDBs climbed by 28% to $35.2 billion in 2017 from $27.4 billion in 2016. Of the total, $27.9 billion was devoted to climate mitigation projects while the remaining $7.4 billion went to climate adaptation projects.
Latin America, sub-Saharan Africa and East Asia and the Pacific were the three major developing regions receiving the funds, according to the report.
The climate finance figures use combined data from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group.