Record High of $125 Billion in Climate Finance in 2023

Inter-American Development Bank Provides $7.5 Billion in Climate Finance to Latin America and the Caribbean

The Inter-American Development Bank (IDB) provided $7.5 billion in climate finance to Latin American and Caribbean countries in 2023, according to a report by the IDB.

Multilateral Development Banks Reach Record High in Climate Finance

Multilateral development banks (MDBs) announced that their global climate finance reached a record high of $125 billion in 2023, more than double the amount provided in 2019.

IDB Climate Finance Breakdown

The IDB climate finance to Latin American and Caribbean countries totaled $7.5 billion, consisting of:

* $6.1 billion to the public sector
* $1.5 billion through IDB Invest’s total commitments of own-account long-term finance
* $25 million for innovative projects from the IDB Lab

Impact of Climate Change on Small-Island and Low-Lying Coastal States

The IDB said that all member countries, including those in the Caribbean, benefitted collectively, given that several small-island and low-lying coastal states in the region remain critically vulnerable to climate change regardless of income level.

Future Plans for Climate Finance

The IDB is committed to triple its climate finance in the next decade and offer a diverse set of innovative financial instruments to boost the scale of climate action in the region. The MDBs will jointly report on climate financing towards a new collective goal on climate finance.

FAQs

Q: What is the record high of climate finance in 2023?
A: $125 billion

Q: How much climate finance did the IDB provide to Latin America and the Caribbean in 2023?
A: $7.5 billion

Q: What is the breakdown of IDB climate finance in 2023?
A: $6.1 billion to the public sector, $1.5 billion through IDB Invest’s total commitments of own-account long-term finance, and $25 million for innovative projects from the IDB Lab.

Q: What is the impact of climate change on small-island and low-lying coastal states?
A: Several small-island and low-lying coastal states in the region remain critically vulnerable to climate change regardless of income level.

Q: What are the future plans for climate finance?
A: The IDB is committed to triple its climate finance in the next decade and offer a diverse set of innovative financial instruments to boost the scale of climate action in the region.