- New report shows climate finance by multilateral development banks rose 10% in 2024 compared with previous year.
- MDBs’ climate finance for low- and middle-income economies increased 14% to more than $85 billion.
- Mobilised private finance for climate investments worldwide jumped 33% in 2024.
Global climate finance by multilateral development banks (MDBs) increased 10% last year, reaching a record $137 billion, with the majority directed to low- and middle-income economies. MDBs including the European Investment Bank (EIB) announced the year-on-year increase in a report published today.
In addition, private finance mobilised by MDBs for climate action reached $134 billion in 2024, a 33% increase from the previous year, according to the new report. The latest climate finance data from MDBs will inform preparations for the United Nations Climate Change Conference (COP30) in Belém, Brazil in November 2025. Expanding climate finance will be a central theme at COP30. At the last summit, held in Baku, Azerbaijan, in November 2024, countries agreed to scale up support for developing countries to at least $1.3 trillion annually from public and private sources by 2035.
“Today’s report shows that multilateral development banks are on track to meet their ambitious goals,” said EIB Vice-President Ambroise Fayolle. “As the Climate Bank, the EIB Group is staying the course on climate action and will step up its support for the clean energy transition and climate adaptation efforts, making climate, competitiveness, prosperity, and security a winning proposition for Europe and the world.”
Climate finance is central to the efforts of MDBs to advance sustainable development worldwide. By supporting investments in renewable energy, green cities, clean transport, water and food security, MDBs help countries move closer to achieving their sustainable development goals.
Digital portal
This year, MDBs are advancing a digitalisation initiative aimed at improving transparency and making their joint climate finance data more accessible and user-friendly. They plan to present progress on this project at COP30. As part of the transition, the 2024 Joint MDB Climate Finance Report is being released as a summary infographic, highlighting key results for the year. Starting in the fourth quarter of 2025, detailed data will be available through an interactive web platform, giving stakeholders real-time access to climate finance information and enabling them to track MDBs’ collective progress towards their climate finance goals.
Low- and middle-income economies
Last year, $85.1 billion of MDBs’ climate finance were for low- and middle-income economies. Climate finance in these countries has more than doubled over the past five years and increased 14% on the year. Of this sum, 69% – or $58.8 billion – went to climate change mitigation and $26.3 billion, or 31%, for climate change adaptation. The amount of mobilised private finance for climate investments in these countries stood at $33 billion.
High-income economies
In 2024, MDBs’ climate finance for high-income countries totaled $51.5 billion, of which $46.5 billion (90%) supported climate change mitigation and $5 billion (10%) supported adaptation. In addition, mobilised private finance for climate investments in high-income countries reached $101 billion.
EIB
The EIB alone delivered a record volume of $43 billion of climate finance in high-income economies and $4.5 billion for low- and middle-income economies through its specialised development arm EIB Global. The EIB mobilised global private finance of $84.3 billion.
For the summary report with the overview of key 2024 figures click here
MDB climate finance
At COP29 in Baku, MDBs set out financial commitments to help countries achieve ambitious climate results. By 2030, they pledged to provide $120 billion annually in collective climate finance for low- and middle-income countries, including $42 billion for adaptation while mobilising an additional $65 billion a year from the private sector. For high-income countries, MDBs project $50 billion a year in climate finance by 2030, including $7 billion for adaptation, alongside a further $65 billion in mobilised private finance.
MDB joint reporting on climate finance
The 2024 multilateral development bank climate finance reporting is coordinated and prepared for publishing by the EIB, with assistance from the European Bank for Reconstruction and Development (EBRD), and combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the EBRD, the EIB, the Inter-American Development Bank Group (IDB), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank Group (WBG).
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, a stronger Europe in a more peaceful and prosperous world and Europe’s capital markets union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
Approximately half of the EIB's financing within the EU targets cohesion regions, where per-capita income is below the EU average, while almost 60% of annual EIB Group investments support climate action and environmental sustainability.
High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.