Jeddah, Kingdom of Saudi Arabia, 20 September 2024 - Multilateral Development Banks (MDBs) announced today that their global climate finance reached a record high of $125 billion in 2023. The combined total last year from institutions, including the Islamic Development Bank (IsDB), 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.

• Sum for low-and middle-income economies was $74.7 billion, including $24.7 billion for climate change adaptation 
• MDBs offered record $125 billion last year for climate action worldwide
• Mobilised global private finance nearly doubled to $101 billion compared to 2022

Low and middle-income economies

Last year, $74.7 billion of MDB climate finance were for low- and middle-income economies. Of this sum, 67% – or $50 billion – went to climate change mitigation and $24.7 billion, or 33%, for climate change adaptation. The amount of mobilised private finance for this group of countries stood at $ 28.5 billion.

High-income economies

In 2023, $50.3 billion were allocated for high-income economies. Of this amount, $47.3 billion, or 94%, were for climate change mitigation and the remaining $3 billion or 6% were for climate change adaptation. The amount of mobilised private finance for high-income countries stood at $72.7 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.

Speaking on the report, IsDB Vice President – Operations, Dr. Mansur Muhtar, says, "the 2023 Joint Report on Climate Finance by Multilateral Development Banks (MDBs) represents a significant milestone, demonstrating MDBs' collective and unwavering commitment to supporting the global community in achieving the Paris Agreement goals. The Islamic Development Bank (IsDB) is confident that enhancing climate finance will have a substantial positive impact on our member countries (MCs), facilitating their transition towards a more sustainable and resilient green economy".

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 individual climate finance statistics, is intended to track 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 by the European Investment Bank (EIB), 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 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).

Media contact: Ismael Koroma, IsDB Communication and Outreach Department. Email: IKoroma@isdb.org

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