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2024 Joint Summary on Multilateral Development Banks Climate Finance
This year, the multilateral development banks (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 Bel？m. As part of the transition, we are publishing this 2024 Joint Summary Report on MDBs Climate Finance. This stand-alone report highlights the main figures and key details of MDB climate finance for the year, while the more detailed data, and our joint methodologies, will in future be provided through an interactive web platform. The platform will allow users to access the data they need in both tabular and graphical formats. As in the last two years, the joint figures for 2024 presented here 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%, while global climate finance across all MDB operations has increased by 10%. In low- and middle-income countries, adaptation finance rose by 6.5%, and private climate co-finance grew by 16%. Globally, private climate co-finance mobilized grew by 33% across all countries of operation. These results confirm that MDBs are on track to meet their collective 2030 climate finance goals, as announced at COP29. Since the first Joint Report on MDBs Climate Finance published in 2012, figures reported have been based on a joint MDB climate finance tracking methodology. The initial group of MDBs developed this harmonized methodology in 2011 and it has been updated as and when needed, in light of experience and global developments in this space. Climate finance is central to how MDBs support the Paris Agreement and sustainable development in all the countries where we operate. By enabling countries and other clients to build successful climate-resilient, low-carbon economies, climate finance underpins progress on all the Sustainable Development Goals, including health, food security, clean energy, equality and decent work worldwide.
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