Climate finance by multilateral development banks reaches record high

Global sum up 10% in 2024.

Multilateral development banks (MDBs) poured a record US$137b in climate finance in 2024, representing a 10% annual increase from the corresponding figure in 2023.

Prepared by the European Investment Bank (EIB) with assistance from the European Bank for Reconstruction and Development (EBRD), the MDB climate finance report for 2024 noted that low- and middle-income economies received US$85.1b whilst US$51.5b went to high-income economies.

Additionally, the MDBs – which include the EIB, the EBRD, the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank Group – also mobilised US$134b in private finance for climate action. 
   
EIB Vice-President Ambroise Fayolle commented: "[This] report shows that multilateral development banks are on track to meet their ambitious goals.

"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."

Meanwhile AfDB Climate Change and Green Growth Director Anthony Nyong had this to say: "Africa is pushing the pedal on actions that transform Africa's green potential in energy, nature-based solutions, innovation, and a vibrant workforce. And we are putting climate adaptation at the heart of this effort."

ADB Director General for Climate Change and Sustainable Development Yevgeniy Zhukov added that collaborating with other MDBs ensures that finances are disbursed in the most impactful and efficient ways to drive climate resilient development.