Global banks made record investments in the fight against climate change

By Alimat Aliyeva

In 2023, multilateral development banks (MDBs) invested in the fight against climate change on a record basis. They have allocated 125 billion dollars to solve the problem, Azernews reports.

Compared to 2022, global climate finance has increased by 25 percent. Last year, the amount reached only $111.2 billion. The volume of funds allocated to low— and middle-income countries has also increased, from $60.9 billion to $74.7 billion.

The report includes 10 organizations, including the World Bank (WB) groups, as well as development banks in Asia, Africa, Europe and Latin America.

Earlier, during the Eastern Economic Forum, they called a way to slow down global warming. In particular, the release of environmentally neutral products will help solve the problem of rapid climate change.