Climate finance by seven of the largest multilateral development banks (MDBs) has reached $41.5 billion in low- and middle-income economies, according to the latest joint report on climate finance by the MDBs in 2019.

"Climate finance by seven of the largest multilateral development banks (MDBs) accounted for $61.6 billion in 2019, of which $41.5 billion, or 67 percent, was in low- and middle-income economies," the source said.

According to the European Bank for Construction and Development (EBRD), the remaining $15 billion, or 24%, has been invested in adaptation efforts to help countries build resilience to the growing effects of climate change, including worsening droughts and increased extreme orological, from extreme flooding to rising sea levels. Ninety-three per cent of this funding went to low- and middle-income economies.

Late last week, the EBRD said the study expands the scope of notification to all countries of operation for the first time.

This year, the report combines data from the African Development Bank, the Asian Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB Group), the World Bank Group (WBG) and for the first time the Islamic Development Bank (IsDB), which joined the working group in October 2017.

In 2019, the Asian Infrastructure Investment Bank (AIIB) also joined the MDB working groups, and its data is presented separately in this report.

In 2019, the MDBs report an additional $102.7 billion in net climate co-financing - public and private sector investment, bringing the total climate-related activities funded in the year to $164.3 billion.

In New York in 2019, a high-level MDB statement stressed that their annual global climate finance is expected to reach at least $65 billion, including $50 billion for low- and middle-income countries by 2025, and that adaptation financing by MDBs is expected to double to $18 billion by 2025.

The report notes, in this regard, that countries are now facing parallel threats from Covid-19 and climate change, as well as a unique opportunity to "build back better" by planning investments for more sustainable systems to replace the current carbon-intensive approach.

"A global commitment is needed to deploy financial resources, such as stimulus and recovery plans, to help build inclusive, low-carbon and climate-resilient economies," the report recommends.