NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Brenna Hughes Neghaiwi

A new multilateral climate action development bank is needed to help get money to emerging markets more effectively, analysts at U.S. bank Citigroup said on Tuesday ahead of an upcoming U.N. climate summit.

Global leaders will assemble in Glasgow on Oct. 31 for the COP26 U.N. climate summit https://www.reuters.com/subjects/focus-climate-change, aiming to thrash out more ambitious plans to cap global warming and agree the funding needed to help accelerate the planet’s shift towards a lower-carbon economy.

Under the Paris climate agreement, developed countries have promised at least $100 billion annually to help address the climate financing needs of developing countries, while the summit itself hopes to help mobilise trillions in private sector finance towards climate investments.