Multilateral development banks hit record USD137 billion in climate finance to drive sustainable development worldwide

• New report shows climate finance by multilateral development banks rose 10% in 2024 compared with previous year.
• MDBs' climate finance for low- and middle-income economies increased 14% to more than USD85 billion.
• Mobilised private finance for climate investments worldwide jumped 33% in 2024.

Global climate finance by multilateral development banks (MDBs) increased 10% last year, reaching a record USD137 billion, with the majority directed to low- and middle-income economies. MDBs announced the year-on-year increase in a report published yesterday.

In addition, private finance mobilised by MDBs for climate action reached USD134 billion in 2024, a 33% increase from the previous year, according to the new report.

Climate finance is central to the efforts of MDBs to advance sustainable development worldwide. By supporting investments in renewable energy, green cities, clean transport, water and food security, MDBs help countries move closer to achieving their sustainable development goals.

Digital portal

This year, MDBs are advancing a digitalization initiative aimed at improving transparency and making their joint climate finance data more accessible and user-friendly. They plan to present progress on this project at COP30. As part of the transition, the 2024 Joint MDB Climate Finance Report is being released as a summary infographic, highlighting key results for the year. Starting in the fourth quarter of 2025, detailed data will be available through an interactive web platform, giving stakeholders real-time access to climate finance information and enabling them to track MDBs' collective progress towards their climate finance goals.

Low- and middle-income economies

Last year, USD85.1 billion of MDBs' climate finance were for low- and middle-income economies. Climate finance in these countries has more than doubled over the past five years and increased 14% on the year. Of this sum, 69% - or USD58.8 billion - went to climate change mitigation and USD26.3 billion, or 31%, for climate change adaptation. The amount of mobilised private finance for climate investments in these countries stood at USD33 billion.

High-income economies

In 2024, MDBs' climate finance for high-income countries totaled USD51.5 billion, of which USD46.5 billion (90%) supported climate change mitigation and USD5 billion (10%) supported adaptation. In addition, mobilized private finance for climate investments in high-income countries reached USD101 billion.

For the summary report with the overview of key 2024 figures click here.

MDB climate finance

At COP29 in Baku, MDBs set out financial commitments to help countries achieve ambitious climate results. By 2030, they pledged to provide USD120 billion annually in collective climate finance for low- and middle-income countries, including USD42 billion for adaptation while mobilizing an additional USD65 billion a year from the private sector. For high-income countries, MDBs project USD50 billion a year in climate finance by 2030, including USD7 billion for adaptation, alongside a further USD65 billion in mobilised private finance.

MDB joint reporting on climate finance

The 2024 multilateral development bank climate finance reporting is coordinated and prepared for publishing by the EIB, with assistance from the European Bank for Reconstruction and Development (EBRD), and combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the EBRD, the EIB, the Inter-American Development Bank Group (IDB), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank Group (WBG).

About AIIB

The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing "Infrastructure for Tomorrow," with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.