Multilateral Development Banks Hit Record $137 Billion in Climate Financing to Drive Sustainable Development Worldwide

• New report shows climate financing 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 $85 billion.
• Mobilized private financing for climate investments worldwide jumped 33% in 2024.

Global climate financing by multilateral development banks (MDBs) increased 10% last year, reaching a record $137 billion, with the majority directed to low- and middle-income economies. MDBs, including the Inter-American Development Bank Group (IDB Group), announced the year-on-year increase in a report published today.

In addition, private financing mobilized by MDBs to fight global warming reached $134 billion in 2024, a 33% increase from the previous year, according to the new report. The latest climate finance data from MDBs will inform preparations for the Climate Change Conference (COP30) in Belém, Brazil, in November 2025, where expanding climate financing will be a central theme.

Climate financing 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, $85.1 billion of MDBs' climate financing were for low- and middle-income economies. Climate financing in these countries has more than doubled over the past five years and increased 14% on the year. Of this sum, 69% - or $58.8 billion - went to climate-change mitigation and $26.3 billion, or 31%, for climate-change adaptation. The amount of mobilized private financing for climate investments in these countries stood at $33 billion.

High-Income Economies

In 2024, MDBs' climate financing for high-income countries totaled $51.5 billion, of which $46.5 billion (90%) supported climate change mitigation and $5 billion (10%) supported adaptation. In addition, mobilized private financing for climate investments in high-income countries reached $101 billion.

IDB Group highlight

In a clear shift toward strengthening climate resilience and adaptation in Latin America and the Caribbean, the IDB Group has ramped up its adaptation financing to $2.2 billion - boosting adaptation's share of total climate lending to 33%.

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 $120 billion annually in collective climate financing for low- and middle-income countries, including $42 billion for adaptation, while mobilizing an additional $65 billion a year from the private sector. For high-income countries, MDBs project $50 billion a year in climate financing by 2030, including $7 billion for adaptation, alongside a further $65 billion in mobilized private financing.

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 IDB Group, the Islamic Development Bank (IsDB), the New Development Bank (NDB), and the World Bank Group (WBG).