5 banks reiterate commitment against global warming

With the end of the Conference of the Parties (COP-17) in Durban, South Africa five Multilateral Development Banks (MDBs), who lend some $8.4 billion annually for climate action in cities, joined force to further combat global warming.

NaijaAgroNet gathered that the aim was to better coordinate and deepen support to cities in adapting to and mitigating climate change.

These banks include the African Development Bank (AfDB), Asian Development Bank (AsDB), European Bank for Reconstruction and Development (EBRD), Inter-Am.erican Development Bank (IDB), and the World Bank, even as they agreed to work more closely to develop common tools and metrics for cities.

NaijaAgroNet was also informed that these five MDBs would develop a common approach for cities to assess climate risk, standardize greenhouse gas emissions inventories, and encourage a consistent suite of climate finance options.

A press statement confirming this development to NaijaAgroNet quoted the Director of the African Development Bank’s Energy, Environment & Climate Change Department, Hela Cheikhrouhou as saying that considering the rates of urbanization in Africa, which is the highest in the world, this is a timely initiative and is aligned with the Bank Group’s recently approved Urban Development Strategy.

For the Deputy Director General, Regional and Sustainable Development Department at ADB, Woochong Um,  "ADB is working with multilateral development banks through the Climate Investment Funds and other avenues to mobilize the public and private sector financing needed by developing Asia and the Pacific to support climate change."

Equally for the Director, Municipal and Environmental Infrastructure at European Bank for Reconstruction and Development [EBRD), Jean-Patrick Marquet, the sustainability and climate change challenges for cities could be managed with a multi-faceted approach involving active stakeholders’ participation in pursuit of both environmental benefits and transition objectives.

In addition, the Sustainable Energy and Climate Change Chief at the IDB, Mr. Walter Vergara, pointed out that this is an effort to disseminate best practices on an issue of global importance and where south-south cooperation aided by multilateral banks could really make a difference.

World Bank’s Vice President for Sustainable Development, Ms Rachel Kyte, stated that while cities account for over two-thirds of global energy consumption and an estimated 80 per cent of global greenhouse gas emissions, they are also crucibles of innovation as cities are critical in the fight to tackle climate change.

“With this new partnership, the development banks will be able to better leverage city-level leadership on climate change mitigation and adaptation across the world,” she said.

Further, it was gathered that many cities around the world are already responding to the challenges of climate change. Just as they are increasingly acting in concert and learning from one another, regionally, and through national as well international networks such as the C40 Cities Climate Leadership Group, ICLEI-Local Governments for Sustainability, United Cities and Local Governments, the EU’s Covenant of Mayors, and the World Mayors Council on Climate Change.

Remmy Nweke

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