New Business Ethiopia

Climate finance provided and mobilized by developed countries for climate action in developing countries reached $71.2 billion in 2017, up from  $58.6 billion in 2016, according to new estimates from the OECD.

The public sector cannot provide enough finance to make African countries resilient to climate change impacts, and funding from the private sector is hard to come by. At the same time, many grassroots adaptation initiatives are being developed and some of these are making a big difference.

Climate financing by the world’s six largest multilateral development banks (MDBs) rose to a seven-year high of US$ 35.2 billion in 2017, up 28% on the previous year, says new report.