Multilateral development banks (MDBs) committed a record $137 billion to climate finance in 2024, up 10% from the previous year, according to their latest joint report published on Tuesday.
More than $85 billion of the total went to low- and middle-income economies, a 14% increase compared with 2023 and more than double the support provided five years ago. The report was coordinated by the European Investment Bank (EIB) with contributions from the African Development Bank (AfDB), World Bank Group, Asian Development Bank and others.
MDBs also mobilised $134 billion in private finance for climate action, up 33% year-on-year. Of this, $33 billion was channelled to developing economies and $101 billion to high-income countries.
“This surge in financing highlights the growing scale of international climate investment,” the report said, noting that the trend will influence negotiations at COP30 in Belém, Brazil, in November. At COP29 in Baku last year, governments pledged to scale up climate support to at least $1.3 trillion annually by 2035.
Anthony Nyong, Director for Climate Change and Green Growth at the AfDB, said Africa was stepping up efforts to tap its green potential in renewable energy, innovation and nature-based solutions.
“At the African Development Bank, we continuously meet our climate finance annual target, and over half of our climate finance goes to helping African countries build resilience, protect livelihoods and secure a climate-resilient future,” he said.
Breakdown of 2024 climate finance
Low- and middle-income economies: $85.1bn, of which $58.8bn (69%) went to mitigation and $26.3bn (31%) to adaptation.
High-income economies: $51.5bn, including $46.5bn (90%) for mitigation and $5bn (10%) for adaptation.
Private finance mobilised: $134bn globally, with $33bn for developing economies.
The report also underlined MDB efforts to improve transparency in climate funding through digitalisation, making data more accessible and easier to track.
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