Multilateral climate finance reached a record high of $137 billion in 2024, according to a joint report by the Multilateral Development Banks (MDBs). This figure represents a 10% increase over the previous year and reflects a growing effort to promote sustainable development and address the impacts of climate change around the world. Most of these resources went to low- and middle-income countries, where mitigation and adaptation needs are most urgent: in these economies, climate finance increased by 14% to over $85.1 billion. Approximately 69% of this amount went to mitigation projects and 31% to adaptation. In high-income countries, MDBs contributed $51.5 billion, of which about $46.5 billion (90%) went to mitigation and $5 billion (10%) to adaptation.

In addition to these funds, private financing mobilized for climate projects also grew significantly. In 2024, it increased by 33% compared to 2023, reaching $134 billion globally. In low- and middle-income countries, that figure was $33 billion. These results demonstrate the increasingly active role of the private sector in the fight against climate change, complementing public support from MDBs.

With a view to 2030, multilateral banks have set ambitious commitments. In low- and middle-income countries, they aim to reach $120 billion annually in collective climate finance, of which $42 billion will be allocated to adaptation, and to mobilize another $65 billion annually from the private sector. For high-income countries, the goal is to finance $50 billion per year, including $7 billion for adaptation, in addition to mobilizing another $65 billion from the private sector. These commitments will be one of the central themes at the next Climate Change Conference (COP30), to be held in Belém, Brazil, in November 2025.

Overall, the figures show that multilateral banks are stepping up their financial efforts to tackle climate change and support the transition to more sustainable economies, especially in the most vulnerable countries. However, major challenges remain in ensuring that adaptation receives sufficient attention, mobilizing private investment in a stable manner, and meeting the targets set for 2030.

Further information is available at the following links: AfDB, IBD, EIB.

To view the summary report with an overview of the key figures for 2024, click here.

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