MDBs Deliver Record $137B in Climate Finance in 2024
Multilateral development banks (MDBs) channelled a record US$137 billion into climate finance last year, marking a 10% increase on 2023 and underlining the rising momentum of global investment in climate action.
According to the 2024 Joint Report on Multilateral Development Banks’ Climate Finance, published by the European Investment Bank (EIB) in collaboration with other MDBs, the bulk of this funding – more than US$85 billion – went to low- and middle-income economies, representing a 14% increase from the previous year.
The report also revealed that MDBs mobilised a further US$134 billion in private sector financing for climate initiatives in 2024, up 33% year-on-year.
“Africa is pushing the pedal on actions that transform Africa’s green potential in energy, nature-based solutions, innovation and a vibrant workforce,” said Anthony Nyong, Director for Climate Change and Green Growth at the African Development Bank (AfDB). “We are putting climate adaptation at the heart of this effort. Over half of our climate finance goes towards building resilience, protecting livelihoods and securing a climate-resilient future for African countries.”
Key Findings
- Low- and middle-income economies received US$85.1 billion in MDB climate finance, with US$58.8 billion (69%) dedicated to mitigation and US$26.3 billion (31%) to adaptation. Private finance mobilised in these economies stood at US$33 billion.
- High-income economies received US$51.5 billion in MDB climate finance, of which 90% was directed to mitigation. Private finance mobilised in these economies totalled US$101 billion.
The report highlights that climate finance in low- and middle-income economies has more than doubled over the past five years, reflecting growing international commitment to supporting countries most vulnerable to the climate crisis.
The findings are expected to shape discussions at COP30 in Belém, Brazil, in November 2025. At COP29 in Baku, countries agreed to mobilise at least US$1.3 trillion annually in climate support for developing countries from both public and private sources by 2035.
Prepared by the EIB with contributions from 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 Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank and the World Bank Group, the report also signals steps towards greater transparency. MDBs are investing in digitalisation to make climate finance data more accessible and user-friendly.
