Development banks give over $10 billion to energy projects
Business |
More than $10 billion financing was provided to energy projects worldwide in 2013 by six development banks, report says.
Six multilateral development banks have agreed on financing over US$10 billion out of a total of $24 billion to energy projects in 2013 to curb effects of climate change in developing and emerging economies, according to a report released by the multilateral institutions Friday.
Out of the energy budget of over $10 billion, the majority of $4.8 billion is designated to renewable energy, with $4.3 billion being assigned to energy efficiency projects. In addition, energy infrastructure projects such as transport received more than $1.4 billion in 2013.
The report was released by six multilateral banks, the African Development Bank (AfDB), the Asian Development Bank (ADB), the Europen Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB) and the World Bank Group.
Since 2011, these development banks provided nearly $75 billion in climate change projects, the report stated.
In terms of regional coverage of the total finance, two regions - East Asia-Pacific and Non-EU Europe-Central Asia, have the biggest shares with nearly 20 percent for each region. East Asia-Pacific received $4.3 billion while non-EU Europe-Central Asia received $5.1 billion.
Out of the energy budget of over $10 billion, the majority of $4.8 billion is designated to renewable energy, with $4.3 billion being assigned to energy efficiency projects. In addition, energy infrastructure projects such as transport received more than $1.4 billion in 2013.
The report was released by six multilateral banks, the African Development Bank (AfDB), the Asian Development Bank (ADB), the Europen Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB) and the World Bank Group.
Since 2011, these development banks provided nearly $75 billion in climate change projects, the report stated.
In terms of regional coverage of the total finance, two regions - East Asia-Pacific and Non-EU Europe-Central Asia, have the biggest shares with nearly 20 percent for each region. East Asia-Pacific received $4.3 billion while non-EU Europe-Central Asia received $5.1 billion.
