Global climate finance from multilateral development banks (MDBs) rose 10 percent in 2024 to a record US$137 billion, with most directed to low- and middle-income economies. Private finance mobilised by MDBs for climate action reached US$134 billion, up 33 percent from the previous year, according to the new MDP report.
Fossil fuel exit tied to economic resilience
The latest climate finance data from MDBs will inform preparations for the United Nations Climate Change Conference (COP30) in Belém, Brazil, in November 2025. The expansion of climate finance will be a central theme at COP30. At the previous summit in Baku, Azerbaijan, in November 2024, countries agreed to scale up support for developing economies to at least US$1.3 trillion annually from public and private sources by 2035.
Alliances on fossil fuel levies could raise billions for climate finance
EBRD stresses urgency of climate finance
Gianpiero Nacci, Managing Director of Climate Strategy and Delivery at the European Bank for Reconstruction and Development (EBRD), said: “The rapid technological transformation and today’s turbulent times make climate finance more vital than ever. Tackling the climate crisis is crucial in its own right, but accelerating the shift away from fossil fuels also makes our economies more competitive while reducing geopolitical risk.”
IEA – solar PV draws more investment than any other energy tech
Climate finance is central to the role of MDBs in advancing sustainable development worldwide. By supporting investment in renewable energy, green cities, clean transport, and water and food security, MDBs help countries achieve their development goals. (hcn)
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