SPECIAL FEATURE
THE MDB CLIMATE REPORT The 2021 report was coordinated by the European Investment Bank with combined data from the African Development Bank (AfDB), the Asian
Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), the
European Investment Bank (EIB), the Inter-American Development Bank Group (IDB), the Islamic Development Bank (IsDB) and the World Bank Group (WBG), and summarized information on climate finance tracking from the New Development Bank (NDB) and the Council of Europe Development Bank (CEB).
SOLAR PHOTOVOLTAICS HAVE INCREASINGLY BECOME THE MOST IMPORTANT NEW TECHNOLOGY, FOLLOWED BY WIND Solar photovoltaic Wind Hydropower Other renewables Renewable capacity additions (GW)
Can we do well by doing good? Another indicator of strong progress in the fight against climate change was apparent in the joint results data from multilateral development banks, also released shortly ahead of the COP27 summit. The Joint Report on Multilateral Development Banks’ Climate Finance for 2021 (see above), showed that climate finance committed by major MDBs rose by more than 24 percent last year compared to 2020 and surpassed the 2025 climate finance goals. Last year the MDBs provided around US$51 billion in climate finance to low- and middle-income countries, and more than US$40 billion to high-income ones. Of this total, more than US$33 billion was allocated for climate change mitigation and more than US$17 billion for climate change adaptation in low- income countries, whereas 95 percent of finance in high-income countries was dedicated to mitigation and 5 percent to adaptation. Achievements and opportunities combined, there may indeed be a silver lining to the world’s storm clouds. We should be mindful of the progress we are collectively making, not to rest on our laurels, but to find the strength and determination to progress with our journey to a global low emission economy.
CHINA
EU
USA
INDIA
140 120 100
80 60 40 20 0
Source: IEA 2019 20 21 22 23 2019 20 21 22 23 2019 20 21 22 23 2019 20 21 22 23
misleadingly blame climate and clean energy for today’s crisis, what they are doing – whether they mean to or not – is shifting attention away from the real cause: Russia’s invasion of Ukraine. Another mistaken idea is that today’s crisis is a huge setback for efforts to tackle climate change. The analysis shows that, in fact, this can be a historic turning point towards a cleaner and more secure energy system thanks
to the unprecedented response from governments around the world.” Indeed, according to IEA findings, the global energy crisis has prompted a scramble by many countries to use alternative energy sources to replace natural gas supplies from Russia. The encouraging news is that solar and wind are filling much of the gap, with the uptick in coal appearing to be relatively small and temporary.
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