The world’s six large multilateral development banks (MDBs) delivered $4.2bn in financing last year to help African economies mitigate and adapt to the challenges of climate change.

Sub-Saharan Africa received 15% of total funding, which amounted to over $28bn.

Among other regions, South Asia received 21%, whereas Latin America and the Caribbean received 17%, non-EU Europe and Central Asia got 16% and East Asia and the Pacific received 10%.

In 2014, the six banks together provided over $23bn dedicated to mitigation efforts and $5bn for adaptation work, according to the fourth joint report on MDB Climate Finance.

The report was prepared by the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB) and the World Bank Group (WBG).

Josué Tanaka, EBRD Managing Director, Operational Strategy and Planning, Energy Efficiency and Climate Change, and Portfolio Management, said: “The climate finance results achieved by the MDBs in 2014 reflect a strong collaboration across the MDBs at a global level and their focused work within their respective areas of operations.”

“The EBRD is particularly pleased to have contributed to our joint MDB results a record level of climate financing during 2014, reaching 34% of the Bank’s total investments. This record level of climate finance has been achieved with a high share of activity in the private sector and in energy efficiency, two crucial areas to scale up climate finance and meaningful carbon emissions reductions over the short to medium term. As COP21 approaches, this focus on scaling up finance while delivering concrete results across a large number of countries becomes ever more relevant,” he said.

Of the total commitments in 2014, 91% came from MDBs’ own resources, while the remaining 9% ($2.6 bn), came from external resources including bilateral or multilateral donors, the Global Environment Facility, and the Climate Investment Funds.

About one-third (36%) of the total in adaptation funding went into agriculture and ecological resource projects, and 40% went into projects involving infrastructure (including flood protection), energy, and the built environment.

Renewable energy was the most common mitigation project, drawing 35% of the funding, whereas energy efficiency accounted for 22%.

The banks also invested heavily in sustainable transport, at 27% of the total.

Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change, said: “This joint report on climate finance shows our track record of mobilization of both public and private finance for energy efficiency, renewable energy, clean transport, water management and landscape management. We plan to do more.”

“In particular, as the major channel of funding for adaptation we are concerned to increase investment in resilience where support is urgently needed now to support those who are most vulnerable,” she said.