Half of all Multilateral Development Banks’ climate finance goes to Europe. Just 4% is grants. We don’t just need more but better climate finance. This week, at the COP29 climate talks, the multilateral development banks (MDBs) are patting themselves on the back. Side events, panels, and press releases all celebrate their achievements in aligning their activities with the Paris Agreement and delivering climate finance at record levels – $125 billion in 2023. The MDBs, including the World Bank and the African Development Bank, claim to “drive transformative change” in global climate action. However, a new report by Recourse, supported by … Continue reading Fudged figures, gas, and debt: Digging into MDBs’ “climate finance”