BAKU, Azerbaijan, September 9. Global climate finance commitments from multilateral development banks (MDBs) rose 10% in 2024, reaching a record $137 billion, according to a new joint report, Trend reports.
The majority of these funds were directed to low- and middle-income economies, reflecting a continued emphasis on supporting countries most vulnerable to climate change.
In addition, MDBs mobilized $134 billion in private finance for climate action last year - a 33% year-on-year increase. This combined effort highlights MDBs’ growing role in closing the climate finance gap ahead of the United Nations Climate Change Conference (COP30), set to take place in Belém, Brazil, in November 2025.
At the last climate summit, COP29 in Baku, countries committed to scaling up support for developing economies to at least $1.3 trillion annually from public and private sources by 2035. MDB financing is expected to play a central role in achieving this target.
The European Investment Bank (EIB) was the largest contributor to climate finance for high-income economies, with $43 billion, while the World Bank Group topped contributions for low- and middle-income countries, channeling more than $41 billion. The Asian Development Bank (ADB) and Inter-American Development Bank Group (IDB) also played significant roles, directing $12.3 billion and $5.6 billion, respectively, to developing economies.
Below is a breakdown of MDB commitments:
| Multilateral Development Bank | Low- and Middle-Income Economies (USD million) | High-Income Economies (USD million) | Total (USD million) |
|---|---|---|---|
| African Development Bank | 5,517 | 10 | 5,527 |
| Asian Development Bank | 12,275 | 5 | 12,280 |
| Asian Infrastructure Investment Bank | 5,191 | 416 | 5,607 |
| Council of Europe Development Bank | 19 | 985 | 1,004 |
| European Bank for Reconstruction and Development | 8,099 | 2,908 | 11,007 |
| European Investment Bank | 4,450 | 43,026 | 47,476 |
| Inter-American Development Bank Group | 5,589 | 1,274 | 6,863 |
| Islamic Development Bank | 2,360 | 27 | 2,387 |
| New Development Bank | 496 | 0 | 496 |
| World Bank Group | 41,124 | 2,838 | 43,962 |