At the United Nations Framework Convention on Climate Change (COP29), held in Baku, Azerbaijan, from 11-22 November 2024, the major multilateral development banks (MDBs) issued a joint statement announcing a significant increase in their climate finance. This announcement represents a decisive step towards achieving the goals of the Paris Agreement, in a context where countries are facing increasing challenges due to climate change.

According to the statement, the MDBs estimate that by 2030, their collective annual climate finance for low- and middle-income countries will reach US$120 billion, of which $42 billion will be for climate adaptation. For high-income countries, they estimate $50 billion, including $7 billion for adaptation. In addition, they seek to mobilise $65 billion from the private sector.

In parallel, the MDBs also released the document: Country Platforms for Climate Action – MDB Statement of Common Understanding and Way Forward, which sets out a framework for fostering collaboration between national governments, MDBs, donors and the private sector. Building on successful experiences, this initiative aims to scale up existing platforms and launch new ones, facilitating the financing and implementation of innovative climate projects, while deepening collaboration with partners, including the International Monetary Fund.

The statement was issued by the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.

For more information you can consult the following links: IDB, EBRD, WB.

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