Global climate finance provided by multilateral development banks (MDBs) rose 10 percent last year to a record 137 billion US dollars, with the majority directed to low and middle income economies, according to a new report published today.
The report, prepared under the coordination of the European Investment Bank (EIB), also shows that MDBs mobilised 134 billion US dollars of private finance for climate action in 2024, a 33 percent increase on the previous year. The data will inform preparations for the United Nations Climate Change Conference (COP30) to be held in Belém, Brazil in November 2025, where expanding climate finance will be a central theme.
At COP29 in Baku, Azerbaijan in 2024, governments agreed to scale up global climate finance for developing countries to at least 1.3 trillion US dollars a year from public and private sources by 2035. MDBs committed to play a central role in meeting that target.
“Today’s report shows that multilateral development banks are on track to meet their ambitious goals,” said EIB Vice-President Ambroise Fayolle. “As the Climate Bank, the EIB Group is staying the course on climate action and will step up its support for the clean energy transition and climate adaptation efforts, making climate, competitiveness, prosperity, and security a winning proposition for Europe and the world.”
Rising flows to developing economies
Of the total MDB climate finance in 2024, 85.1 billion US dollars were allocated to low and middle income economies, up 14 percent year-on-year and more than double the amount recorded five years ago. Within this, 58.8 billion US dollars supported climate change mitigation, while 26.3 billion US dollars was directed to adaptation. Mobilised private finance for these economies reached 33 billion US dollars.
High income economies received 51.5 billion US dollars in MDB climate finance, with 90 percent of this devoted to mitigation projects such as renewable energy and clean transport. Private finance mobilised in these economies reached 101 billion US dollars.
EIB contribution
The EIB alone delivered a record 43 billion US dollars of climate finance in high income economies and 4.5 billion US dollars in low and middle income countries through its development arm, EIB Global. The bank also mobilised 84.3 billion US dollars in private finance for global climate action.
Towards COP30 and beyond
MDBs plan to present further progress on their climate finance goals at COP30, including a new digital platform to improve transparency and accessibility of joint climate finance data. The 2024 figures are being published in summary form through an infographic, while the interactive web platform will go live in late 2025, providing stakeholders with real-time access to data.
By 2030, MDBs have pledged to provide 120 billion US dollars annually in collective climate finance for low and middle income countries, including 42 billion US dollars for adaptation, and to mobilise an additional 65 billion US dollars each year from private investors. For high income countries, MDBs project 50 billion US dollars in climate finance annually, including 7 billion US dollars for adaptation, alongside 65 billion US dollars of mobilised private finance.