Green Focus For Bank Infrastructure Funding
Funding for infrastructure and transport projects may require increased commitment to green standards in future, according to a joint statement issued by eight multilateral development banks, or MDBs.
The statement calls for a greater emphasis on environmental issues when planning and supporting infrastructure projects and greater awareness of the carbon footprint when transporting ancillary cargoes.
The statement was issued by the African Development Bank, Asian Development Bank, CAF-Development Bank of Latin America, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank, and the World Bank.
The MDBs highlighted several key approaches by which they aim to emphasize green issues in future lending arrangements. First among these will be a proposed increase in funding to support a wider rage of climate change mitigation and adaptation projects.
In addition the MDBs are keen to promote low-carbon transport solutions and improve metrics. These analytics will in turn be used to develop a systematic approach to mainstream climate resilience in transport policies, plans and investments.
“Transport is a core sector in our climate finance activities. With the adoption of a Green Economy Transition approach, the EBRD will aim to increase its environmental financing to 40 percent of total annual finance by 2020. Low-carbon transport solutions will continue to play a crucial role in boosting our contribution to global efforts to combat climate change,” said Thomas Maier, EBRD managing director for Infrastructure.
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