News

Development Banks Agree on Partnership for Climate Action in Cities

5 December 2011: Five multilateral development banks have agreed on a new partnership to support climate action in cities, including better coordination, and to deepen support to cities in adapting to and mitigating climate change, such as the development of common tools and metrics for cities.

The five banks, the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and the World Bank, agreed on a common approach for cities to assess climate risk, standardize greenhouse gas (GHG) emissions inventories, and encourage climate financing options. Together, they are responsible for lending some $8.4 billion dollars per year for climate action in cities, which account for over two-thirds of global energy consumption and an estimated 80% of global GHG emissions. [ADB Press Release]