By Abbas Nazil
Multilateral development banks (MDBs) delivered a record $137 billion in global climate finance in 2024, marking a 10% increase compared to the previous year.
The new report, published by the European Investment Bank with contributions from other MDBs including the African Development Bank Group, highlighted the significant growth in funding for climate action worldwide.
Low- and middle-income economies benefited the most, receiving $85.1 billion, a 14% rise from 2023.
Of this, $58.8 billion was directed to climate change mitigation while $26.3 billion supported adaptation efforts.
Private sector mobilization for these economies stood at $33 billion.
High-income economies received $51.5 billion in climate finance, with $46.5 billion targeting mitigation and $5 billion addressing adaptation.
Private finance mobilized for these countries reached $101 billion.
In addition to the MDBs’ direct financing, they succeeded in mobilizing $134 billion from private investors for climate initiatives, reflecting a 33% year-on-year increase.
The report also notes that climate finance to low- and middle-income countries has more than doubled in the last five years, underscoring the growing emphasis on global climate equity.
According to Anthony Nyong, African Development Bank Director for Climate Change and Green Growth, Africa is accelerating actions to transform its green potential, while placing climate adaptation at the core of its strategies.
He stressed that over half of AfDB’s climate finance supports African resilience, livelihoods, and climate security.
The findings will serve as an important reference point for discussions at COP30 in Belém, Brazil, in November 2025, where countries will deliberate on scaling climate finance to at least $1.3 trillion annually by 2035.
MDBs are also advancing transparency initiatives, with digitalization tools aimed at making climate finance data more accessible and user-friendly for global stakeholders.
