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Multilateral development banks (MDBs) recorded an unprecedented $137 billion in global climate finance in 2024 – a 10 per cent rise that highlights the expanding magnitude of international climate investment.
According to a report released recently by the European Investment Bank (EIB), in collaboration with other Multilateral Development Banks (MDBs) such as the African Development Bank Group (AfDB), the majority of this funding was directed towards low- and middle-income economies.
In addition, MDBs mobilised $134 billion in private finance for climate action in 2024, a 33 per cent increase from the year earlier, according to 2024 Joint Report on Multilateral Development Banks’ Climate Finance.
Expanding climate finance will be a central theme at COP30, which is scheduled to take place in Belém, Brazil in November 2025. At the COP29 summit, held late last year in Baku, countries agreed to scale up support for developing countries to at least $1.3 trillion annually from public and private sources by 2035. The findings are expected to inform discussions during the conference.
“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, African Development Bank Director for Climate Change and Green Growth.
“And we are putting climate adaptation at the heart of this effort. At the African Development Bank, we are walking the talk, we continuously meet our climate finance annual target and over half of our climate finance goes to helping African countries build resilience, protect livelihoods, and secure a climate-resilience future, while still investing in greener future,”
The report said low- and Middle-Income Economies received $85.1 billion in MDB climate finance, representing a 14 per cent year-on-year increase.
“Climate finance in these countries more than doubled over the past five years. High-Income Economies Received $51.5 billion in MDB climate finance $46.5 billion (90%) supported climate change mitigation, with $5 billion (10%) addressing adaptation,” it said.
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