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Manila Bulletin devider Business devider Banking & Finance devider Multilateral lenders injected a record $137 billion into climate finance in 2024

Multilateral lenders injected a record $137 billion into climate finance in 2024

Published Sep 10, 2025 11:22 am

Multilateral development banks (MDBs) injected a combined $137 billion into climate finance last year, a new record high and 10-percent more than the previous year’s global financing, a joint report of 10 MDBs showed.

“As in the last two years, the joint figures for 2024 show that MDBs have exceeded their ambitious 2025 climate finance targets set in 2019. From 2023 to 2024, climate finance in low- and middle-income countries has grown by 14 percent, while global climate finance across all MDB operations has increased by 10 percent,” according to the 2024 Joint Summary Report on MDB’s Climate Finance, which was published on Tuesday, Sept. 9.

“In low- and middle-income countries, adaptation finance rose by 6.5 percent, and private climate co-finance grew by 16 percent. Globally, private climate co-finance mobilized grew by 33 percent across all countries of operation. These results confirm that MDBs are on track to meet their collective 2030 climate finance goals,” it added.
The report compiled data from the following MDBs: the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB), the Islamic Development Bank (IsDB), the New Development Bank (NDB), and the World Bank Group (WBG).

For climate mitigation and adaptation, MDBs mobilized $134 billion in private finance last year, up by a third from 2023 financing, they said in a joint statement.

In 2024, MDBs directed $85.1 billion in climate finance to low- and middle-income countries, up 14 percent year-on-year, with $58.8 billion allocated to mitigation efforts while the rest went to adaptation.

MDBs also mobilized $33 billion in private finance for low- and middle-income economies.

By 2030, MDBs have pledged to significantly increase their annual climate finance for these countries to $120 billion, of which $42 billion will be for adaptation, in addition to mobilizing $65 billion a year from the private sector.

Also, MDBs provided $51.5 billion in climate finance for high-income countries in 2024, with $46.5 billion supporting mitigation and $5 billion for adaptation, while also mobilizing an additional $101 billion from the private sector.

Five years from now, MDBs project $50 billion in annual climate finance for high-income economies, of which $7 billion will be for adaptation, along with an additional $65 billion in mobilized private finance.


“This year, MDBs are advancing a digitalization project aimed at improving transparency and making their joint climate finance data more accessible and user-friendly. We plan to present progress on this important project at COP30 in Belém,” the joint report read, referring to the 30th Conference of the Parties to be held in Brazil this coming November.

“Meeting Asia and the Pacific’s burgeoning clean power needs, while building resilience for the poor and vulnerable against extreme weather, rising sea levels, melting glaciers, and water scarcity, are among the most complex challenges of our time. Our collaboration with other MDBs ensures our finances are disbursed in the most efficient and impactful ways to drive climate resilient development,” ADB director general for climate change and sustainable development Yevgeniy Zhukov said in a statement issued by the Manila-based multilateral lender.

Based on the MDB’s report, the ADB’s climate finance commitments for low- and middle-income countries in 2024 reached $12.3 billion, on top of $5 million for high-income economies.

Low- and middle-income economies in the East Asia and the Pacific region, where the Philippines belongs, cornered $11.3 billion in climate financing last year.

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