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World’s Top Development Banks Commit $120 Billion for Climate Finance by 2030: COP29
At COP29 in Azerbaijan, major development banks, including the World Bank, pledged to raise climate finance to $120 billion annually by 2030, a 60% increase from 2023 levels, primarily to support low- and middle-income countries. This includes $42 billion for climate adaptation, a 70% rise from last year. The pledge highlights the crucial role of private-sector investment, with an additional $65 billion targeted from private contributions. While the commitment was praised, leaders like Irish Climate Minister Eamon Ryan and U.S. climate envoy John Podesta stressed that further efforts are needed, particularly from developed nations and private enterprises. The push for increased climate finance also includes calls for more decisive action and support from multilateral development banks (MDBs) to meet these ambitious goals. Resources: https://esgnews.com/worlds-top-development-banks-commit-120-billion-for-climate-finance-by-2030-cop29/