Multilateral development banks (MDBs) provided a record $137 billion in climate finance in 2024, up 10% from the previous year, according to a new joint report released today. The majority of the funding was directed to low- and middle-income economies, underscoring MDBs’ growing role in advancing global sustainable development.
Private finance mobilised by MDBs for climate investments also surged, reaching $134 billion worldwide—a 33% year-on-year increase. These figures will feed into preparations for COP30, scheduled to take place in Belém, Brazil, in November 2025, where expanding climate finance will be a central theme. At last year’s COP29 in Baku, countries committed to scaling up support for developing nations to at least $1.3 trillion annually by 2035.
“Today’s report shows that MDBs are on track to meet their ambitious goals,” said Ambroise Fayolle, Vice-President of the European Investment Bank (EIB). “The EIB Group will continue to step up support for the clean energy transition and climate adaptation, ensuring that climate action strengthens competitiveness, prosperity, and security.”
Boost for Developing Economies
MDBs allocated $85.1 billion in climate finance to low- and middle-income countries in 2024, a 14% increase from 2023. Of this amount, $58.8 billion (69%) supported mitigation projects such as renewable energy and clean transport, while $26.3 billion (31%) went to adaptation measures like water and food security. MDBs also mobilised $33 billion in private finance for climate projects in these economies.
High-Income Economies
For high-income countries, MDBs delivered $51.5 billion in climate finance, with the vast majority ($46.5 billion, or 90%) directed toward mitigation and $5 billion (10%) toward adaptation. Private sector mobilisation was particularly strong, totaling $101 billion in 2024.
EIB’s Contribution
The EIB was a leading contributor, channeling $43 billion to high-income economies and $4.5 billion to low- and middle-income economies through its development arm, EIB Global. The Bank also mobilised $84.3 billion in private climate finance worldwide.
Transparency Initiative
In a move to improve transparency, MDBs are launching a digital portal to make climate finance data more accessible. For 2024, results are being published in a summary infographic, with a new interactive web platform expected to go live in late 2025. This will give stakeholders real-time access to progress against MDBs’ collective climate finance commitments.
Long-Term Commitments
At COP29, MDBs pledged by 2030 to provide $120 billion annually in climate finance for low- and middle-income countries, including $42 billion for adaptation, while mobilising an additional $65 billion a year from private sources. For high-income countries, MDBs committed to $50 billion annually, with $7 billion for adaptation and another $65 billion in mobilised private finance.
The joint report was coordinated by the EIB, with contributions from the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group.
