World banks: All financial hands on climate deck

"This requires mobilizing a wide range of financial resources, public and private, bilateral and multilateral, including alternative sources," the report said.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Sept. 19, 2014 at 7:25 AM

MANILA, Sept. 19 (UPI) -- A Friday report released from the Philippines by six leading multinational development banks said a wide range of funding is needed to avert climate change.

The African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank and the World Bank Group published a report on the need for economic collaboration to help nations adapt and avert the impact of climate change.

"This requires mobilizing a wide range of financial resources, public and private, bilateral and multilateral, including alternative sources," the report said.

The six banks in 2013 provided $24 billion in climate financing to developing and emerging economies. Last year, nearly a quarter of the funding targeted European countries not in the European Union and those in Central Asia. Around 20 percent went to countries in East Asia and the Pacific. "ADB shares the commitment of other [banks] to enhance climate finance action in support of low-carbon and climate-resilient growth in developing countries," ADB's Bindu Lohani said in a statement.

U.N. Secretary-General Ban Ki-moon hosts a climate summit next week at the U.N. headquarters in New York City. An international climate conference is scheduled next year in Paris.

A disparity exists in the international climate debate between funding by advanced economies and the needs of developing countries.

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