When the G7 leaders met in Elmau at the end of June 2022, they called on Multilateral Development Banks (MDBs) to further strengthen ambitious climate action. A few weeks prior, G7 Climate, Energy, Environment, and Development Ministers presented more detailed demands for development finance institutions including MDBs to move forward on climate action. Given that the G7 countries hold significant shares and voting power in several MDBs, their positions carry considerable weight.
This policy brief explains what the G7 called on the MDBs to do, why this is important, and what it means in terms of concrete steps that should be taken in the short and medium term to halt the climate crisis and successfully support the global transformation towards green and resilient economies.
Anja C. Gebel