MDBS COMMIT TO UNLOCK OVER $180 BILLION IN ADDITIONAL CLIMATE FINANCE AT COP28

Pitching for keeping Multilateral Development Banks (MDBs) at the center for climate and developmental finance, co-chair of G20 expert group and chairman of India's 15th finance commission N K Singh on Monday said the MDBs need to play a much stronger role in reducing, managing, and sharing risk and in reducing the cost of capital, and there is a need to create a system, which works for climate action without compromising on the other priorities. The MDBs have, meanwhile, jointly committed to unlock over $180 billion in additional climate finance.

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