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Investment banks commit to climate financing

More than $75 billion delivered since 2011.

By Daniel J. Graeber

MANILA, Sept. 11 (UPI) -- The World Bank, the Asian Development Bank and four other international institutions said Thursday they reinforced their commitment to climate financing.

ADB Vice President for Sustainable Development Bindi Lohani said the six banks -- the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, and World Bank Group -- were committed to financing for a low-carbon economy.

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"We will continue to invest $2 billion annually in clean energy and sharpen our focus on adaptation by including climate risk management in all projects," he said in a statement.

Since 2011, the six development banks have committed more than $75 billion in helping developing and emerging economies deal with the challenges presented by climate change.

Warmer average global temperatures have been blamed for everything from increased flooding in the United Kingdom to threats to North American bird species.

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.

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