Highlights

• MDBs delivered $137 billion in climate finance in 2024, with $85.1 billion directed to low- and middle-income economies.
• Private climate investments mobilised by MDBs rose to $134 billion with a 33% year-on-year increase.
• A new digital platform will make MDBs’ climate finance data accessible in real time from late 2025.

Global climate finance from multilateral development banks (MDBs) rose by 10% in 2024, reaching a record $137 billion, according to a new report.

The majority of this financing was given to low- and middle-income countries, which shows a rising preference for empowering these regions in addressing climate concerns.

Alongside their own contributions, MDBs were able to attract $134 billion in private finance, which marked a 33% surge compared to the previous year.

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This growth comes as preparations intensify for COP30 in Brazil in 2025, where climate finance will be a central theme. At the last climate summit in Baku, countries agreed to raise funding levels for developing economies to at least $1.3 trillion annually by 2035.

MDB investments are being channelled into areas such as renewable energy, green cities, clean transport, water systems, and food security. These projects are important for advancing sustainable development goals and addressing emission reduction and climate adaptation.

To improve transparency, MDBs are also working on a digital platform that will allow real-time access to climate finance data. A preview of this initiative will be presented at COP30, while detailed information will be released online by late 2025.

In 2024, MDBs provided $85.1 billion in climate finance for low- and middle-income countries, an increase of 14% compared to the previous year. About $58.8 billion was directed towards climate change mitigation, while $26.3 billion supported adaptation projects.

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Private investments mobilised in these regions totalled $33 billion. For high-income countries, MDBs committed $51.5 billion, most of which went to mitigation projects, along with $101 billion in private investments.

The European Investment Bank (EIB) played a larger role, delivering $47.5 billion in climate finance through both its regional and global activities. This included $43 billion for high-income countries and $4.5 billion for low- and middle-income economies.

In addition, the EIB mobilised $84.3 billion in private finance worldwide.

Ends/

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Source: EIB