The Multilateral Development Banks and Rural Climate Finance: Adaptation, Mitigation, and Resilience

Abstract

Our article analyses multilateral development bank (MDB) engagement with climate change and rural and agricultural development. It reviews 140 MDB governance documents and 284 lending operations to evaluate how their strategic intent has been translated into action. We conclude that while climate adaptation and mitigation initiatives are emphasised in MDB governance documents as crucial to transformative and equitable climate outcomes that promote economic growth and alleviate poverty, the MDBs are primarily financing climate resilience projects that prioritise actions to make agricultural production and rural incomes less vulnerable to climate change.