At the opening of the COP29 World Leaders Climate Action Summit, a coalition of Multilateral Development Banks (MDBs) unveiled ambitious climate financing estimates aimed at bolstering adaptation and mitigation efforts across low- and middle-income countries.
With a target of $120 billion (£94.1bn) per year by 2030, this new goal highlights MDBs’ commitment to addressing the climate needs of vulnerable economies and advancing global efforts to limit climate impacts.
For high-income countries, MDBs aim to provide an additional $50 billion (£39.2bn) annually, alongside a broader effort to mobilise $65 billion (£51bn) each year from private sector partnerships.
This financing effort includes contributions from major MDBs, including the World Bank Group, Asian Development Bank (ADB), African Development Bank (AfDB), European Investment Bank (EIB), and the Inter-American Development Bank (IDB), amongst others.
The newly established estimates not only surpass the MDBs’ previous projections for 2025 but also mark a notable 25% increase in climate finance over the past year.
COP29 President Mukhtar Babayev expressed cautious optimism, stating, “Every contribution is welcome, but there is still a clear gap between where we are and where we need to be.”
