What “Paris alignment” means for multilateral development banks
The Paris Climate Agreement, established at COP 21 in 2015, calls for leaders and institutions across society to work towards reducing their carbon emissions with the aim of reaching net zero by 2050. Multilateral development banks, or MDBs, which have a critical role to play in the climate finance landscape, are in the process of figuring out what it means to deliver on their commitment to “Paris alignment”.“Delivery means really, for us, implementing what we have committed to do and working with the countries in which we invest in order to accompany them in this green transition,” said Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, in the latest episode of the Climate + podcast. EBRD aims for 50% of its investments to be in support of the green transition by 2025, she added. Renaud-Basso joined Devex senior reporter Adva Saldinger to delve deeper into EBRD’s climate priorities, the bank’s approach and timeline for phasing out investments in fossil fuels, what MDBs can do to mobilize more private capital for climate investments, and how MDBs can work better together to support countries with their climate goals. This podcast episode was recorded with a live online audience as part of Devex’s wider Climate + event programming at COP 28.The Climate + podcast is supported by the World Bank. To learn more about efforts to end poverty on a livable planet, check out the link.