DURBAN, South Africa - Five multilateral banks, who are lending about $8.4 billion annually for climate action Monday agreed on a new partnership to combat global warming.

With the overall aim to better coordinate and deepen support to cities in adapting to and mitigating climate change, the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the Inter- American Development Bank, and the World Bank agreed to work more closely to develop common tools and metrics for cities.

In a statement the five banks said they would develop a common approach for cities to assess climate risk, standardize greenhouse gas emissions inventories, and encourage a consistent suite of climate finance options.

"Considering that the rates of urbanization in Africa are the highest in the world, this is a timely initiative and is aligned with the Bank Group's recently approved Urban Development Strategy," AfDB's Energy, Environment and Climate Change Department director Hela Cheikhrouhou said.

"The sustainability and climate change challenges for cities can be managed with a multi-faceted approach involving active stakeholders' participation in pursuit of both environmental benefits and transition objectives," EBRD Municipal and Environmental Infrastructure Director Jean-Patrick Marquet said in a statement.

"While cities account for over two-thirds of global energy consumption and an estimated 80 percent of global greenhouse gas emissions, they are also crucibles of innovation. Cities are critical in the fight to tackle climate change," said Rachel Kyte, World Bank Vice President for Sustainable Development. "With this new partnership, the development banks will be able to better leverage city-level leadership on climate change mitigation and adaptation across the world."