- Sum for low-and middle-income economies was USD74.7 billion, including USD24.7 billion for climate change adaptation
- MDBs committed record USD125 billion last year for climate action worldwide
- Mobilized global private finance nearly doubled to USD101 billion compared to 2022
Multilateral development banks (MDBs) announced today that their global climate finance reached a record high of USD125 billion in 2023. The combined total last year from institutions, including the Asian Infrastructure Investment Bank, is more than double the amount provided in 2019, when MDBs announced their ambition to increase climate volumes over time at the United Nations Secretary General’s Climate Action Summit.
Low and middle-income economies
Last year, USD74.7 billion of MDB climate finance were for low- and middle-income economies. Of this sum, 67% – or USD50 billion – went to climate change mitigation and USD24.7 billion, or 33%, for climate change adaptation. The amount of mobilized private finance for this group of countries stood at USD28.5 billion.
High-income economies
In 2023, USD50.3 billion were allocated for high-income economies. Of this amount, USD47.3 billion, or 94%, were for climate change mitigation and the remaining USD3 billion or 6% were for climate change adaptation. The amount of mobilized private finance for high-income countries stood at USD72.7 billion.
Climate finance in focus at COP29
Today’s announcement comes in the run-up to the 29th session of the Conference of the Parties (COP 29) to the United Nations Climate Change Conference that will be held in Baku, Azerbaijan in November 2024. One of the key deliverables of COP29 is to increase global climate finance and reach agreement on the new collective quantified goal on climate finance.
Transparent joint reporting on climate finance
The Joint Report on Multilateral Development Banks’ Climate Finance is an annual collaboration to publish MDBs’ climate finance figures, together with a clear explanation of the methodologies for tracking this finance. The joint report, along with the banks’ independent publication of their own climate finance statistics, is intended to monitor progress in relation to their joint climate finance objectives such as those announced at COP21 and the greater ambition pledged for the post-2020 period.
The 2023 multilateral development bank report, coordinated and prepared for publishing by the Asian Infrastructure Investment Bank (AIIB), the European Investment Bank (EIB), combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD), the EIB, the Inter-American Development Bank (IDB), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank Group (WBG).
For an overview of the key figures click here
Read the report here
