Multilateral Development Banks (MDBs) must play a key role in mobilizing climate finance, President of the African Development Bank Group, Akinwumi Adesina, said during the roundtable "Transformational Climate Action: Shifting Focus from Financial Inflows to Impact and MDBs' Catalytic Effect" within COP29, Report informs.
He noted that the goal is to triple the use of renewable energy sources, double energy efficiency, and stop deforestation by 2030.
"Meanwhile, the amount of financing needed to combat climate change ranges from $5 trillion to $11 trillion, averaging $8 trillion. In this regard, MDBs must play a key role in mobilizing climate finance," he said.