The EIB, together with eight other multilateral development bank pledged on 22 September in New York, during the during the UN Climate Action Summit, to raise their annual global climate action investment to $175 billion by 2025.

The group of development banks includes the World Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank.

The increase would focus on low and middle-income economies, and on climate adaptation. It would include $40 billion mobilised from private sector investors. The joint adaptation finance is expected to double to $18 billion annually by 2025, compared to current levels.

Multilateral development banks have been leading climate action for more than a decade to meet the objectives of the Paris Agreement, which aims to limit the increase in global temperatures to well below 2°C.