Cambodia gets $171M in climate finance from MDBs

Cambodia received $171 million in climate finance from major multilateral development banks (MDBs) in 2021, according to the 2021 Joint Report on Multilateral Development Banks' Climate Finance. Cambodia, classified as a lower middle-income and least developed economy in the report, received a climate finance commitment of $139 million and $121 million in 2019 and 2021, respectively from MDBs, the report pointed out. It was a significant improvement when considering that the Kingdom received $46 million, $85 million and $86 million in 2015, 2016 and 2017, respectively. Meanwhile, the report said the climate finance committed by major MDBs rose by more than 24 percent last year compared to 2020. The 2021 total financing by MDBs already surpassed the 2025 climate finance goals set at the 2019 United Nations Secretary General's Climate Action Summit in New York. The goals amount to an expected collective total of $50 billion for low- and middle-income economies, and at least $65 billion of climate finance globally, with a projected doubling of adaptation finance to $18 billion, and private mobilization of $40 billion, an ADB release said. MDBs provided around $51 billion (62 percent of overall MDB climate finance) in climate finance to low- and middle-income economies. Of this total, more than $33 billion (65 percent) was for climate change mitigation and more than $17 billion (35 percent) for climate change adaptation. The amount of mobilized private finance stood at $13 billion. (Source: Khmer Times)