By Daniel Essiet,The Nation
Copyright thenationonlineng
Multilateral development banks (MDBs) delivered $137 billion in global climate finance last year—a 10 per cent increase that underscores the growing scale of international climate investment.
The majority of this funding flowed to low- and middle-income economies, according to a report published by the European Investment Bank (EIB) with participation from other MDBs, including the African Development Bank Group.
In addition, MDBs mobilised $134 billion in private finance for climate action in 2024, a 33per cent increase from the year earlier, according to 2024 Joint Report on Multilateral Development Banks’ Climate Finance.
Expanding climate finance will be a central theme at COP30, which is scheduled to take place in Belém, Brazil in November 2025. At the COP29 summit, held late last year in Baku, countries agreed to scale up support for developing countries to at least $1.3 trillion annually from public and private sources by 2035. The findings are expected to inform discussions during the conference.
“Africa is pushing the pedal on actions that transform Africa’s green potential in energy, nature-based solutions, innovation and a vibrant workforce.And we are putting climate adaptation at the heart of this effort. At the African Development Bank, we are walking the talk, we continuously meet our climate finance annual target and over half of our climate finance goes to helping African countries build resilience, protect livelihoods, and secure a climate-resilience future, while still investing in greener future,” ,” said AfDB’s Director for Climate Change and Green Growth, Anthony Nyong.
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Among key commitments by MDBs included African Development Bank support of $ 5 517 million for low- and middle-income economies , $ 10 million for high-income economies; Asian Development Bank’s$ 12 275 million for low- and middle-income economies and $ 5 million for high-income economies. Others are Asian Infrastructure Investment Bank’s $ 5 191 million for low- and middle-income economies, $ 416 million for high-income economies and Council of Europe Development Bank’s $ 19 million for low- and middle-income economies and $ 985 million for high-income economies. European Bank for Reconstruction and Development’s $ 8 099 million for low- and middle-income economies and $ 2 908 million for high-income economies. European Investment Bank’s $ 4 450 million for low- and middle-income economies and $ 43 026 million for high-income economies.
Inter-American Development Bank Group’s $ 5 589 million for low- and middle-income economies and $ 1 274 million for high-income economies.
Islamic Development Bank’s $ 2 360 million for low- and middle-income economies and $ 27 million for high-income economies.
New Development Bank’s $ 496 million for low- and middle-income economies
World Bank Group’s $ 41 124 million for low- and middle-income economies and $ 2 838 million for high-income economies
The 2024 Multilateral Development Bank Climate Finance Report was prepared by the EIB with assistance from the European Bank for Reconstruction and Development. It combines data from both institutions as well as from the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank and the World Bank Group.
