The last three decades have witnessed a striking increase in regional and global temperatures."Jakarta (ANTARA News) - Six multilateral banks have agreed to increase their support for climate change adaptation and mitigation by continuing the US$2 billion investment for clean energy development.
The six multilateral banks are the Asian Development Bank (ADB), the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, and the World Bank.
"In a recent study on the overall Strategy 2020, ADB is committed to increase support for mitigation and adaptation to climate change," reported ADB Vice-President Bindu N Lohani at an ADB release received here on Friday.
Lohani noted that the six multilateral development banks have shared their commitment to support the UN climate summit to be held by the secretariat general in New York, September 23, 2014.
The six banks are also determined to maintain institutional focus on climate change, including continuing innovation and promoting research and more transparent reporting on climate finance.
Since the six banks are jointly tracking the flow of climate finance in 2011, nearly US$75 billion have been dispersed to assist developing countries in responding to the challenges of climate change.
On average, about 80 percent of the loans have been used to support investment in mitigation activities and 20 percent for adaptation. All these are expected to lead to closer cooperation and sharing of experience among financial institutions to become more involved in the activities on climate change.
In the last three decades, climate change has brought risks to the lives of people through higher earth temperature, stronger heat waves, heavier rain, and longer drought. The government has planned to reduce more greenhouse gas emissions.
"The last three decades have witnessed a striking increase in regional and global temperatures. Most people under the age of 30 years have no idea of living in a world without global warming," said Secretary General of the United Nations World Meteorological Organization Michel Jarraud.
"In human time scale, changes in climate can be observed gradually. So, we will continue to remind the community about how fast the change occurs," Jarraud was quoted as saying from Reuters on August 8. (Uu.A050/INE/KR-BSR/A014)
Editor: Priyambodo RH
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