New York, USA, 20 September 2023 – Islamic Development Bank (IsDB) Vice President of Operations, Dr. Mansur Muhtar, emphasized the commitment of the Multilateral Development Banks (MDBs) to addressing climate-related challenges during a meeting on Loss and Damage on the sidelines of the Climate Ambition Summit held in conjunction with the 78th UN General Assembly.

At the meeting, IsDB, the current chair of the MDBs Working Group on Climate Change, underscored the collective efforts of MDBs in supporting this critical agenda.

“As MDBs, we remain fully aligned with the Paris Agreement and are also fully cooperating on adaptation and climate resilience,” In his remarks, Dr. Mansur Muhtar stated adding: “As chair of the MDBs Working Group on Climate Change, we are coordinating with all Multilateral Development Banks to ensure that, collectively, we pay full attention to the potential role and function that could be taken up by MDBs in supporting this important agenda," stated Dr. Muhtar.

He further reiterated the MDBs' alignment with the Paris Agreement and their dedication to collaboration on adaptation and climate resilience. Dr. Muhtar elaborated on ongoing efforts to develop a disaster risk financing instrument aimed at reducing the cost of disaster response through partnerships.

"We wholeheartedly welcome the establishment of the loss and damage fund under the UNFCCC, which will greatly assist the most vulnerable in coping with the increasing number of extreme events. We remain committed and stand ready to support and implement actions under the loss and damage arrangements once finalized," affirmed Dr. Muhtar.

Acknowledging the increasing frequency and magnitude of climate change-induced disasters worldwide, Dr. Muhtar highlighted the vulnerabilities faced by several IsDB member countries, particularly those classified as fragile states.

Dr. Muhtar reaffirmed the Islamic Development Bank's unwavering commitment to supporting member countries in addressing vulnerabilities and building resilience while maintaining a steadfast dedication to climate action. He also emphasized the Bank's utilization of innovative programs and instruments to address loss and damage.

"Our emergency response program has consistently aided our member countries affected by disasters or extreme events, providing swift assistance through small but critical grant-based resources for immediate relief," noted Dr. Muhtar.

Additionally, Dr. Muhtar outlined the IsDB's strategy of repurposing and reprogramming existing financing, allowing for the reallocation and utilization of existing resources to respond promptly to emergencies as needed.