Five multilateral development banks have agreed to work more closely to help cities around the world adapt to and mitigate the effects of climate change.
The overall aim of the new partnership between the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank and the World Bank is to better coordinate and strengthen multilateral support for cities facing climate change challenges.
The five banks will develop a common approach to help cities assess climate risks and to standardize inventories of greenhouse gas emissions. The partnership also seeks to encourage a consistent portfolio of climate finance approaches.
“This is an effort to disseminate best practices on an issue of global importance and where south-south cooperation aided by multilateral banks can really make a difference,” said Walter Vergara, IDB’s sustainable energy and climate change chief.
The five banks combined lend approximately $8.4 billion every year for climate action in cities.
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