Multilateral Development Banks hit record in climate financing

The 2024 Joint MDB Climate Finance Report has been released, highlighting the main figures and key details of multilateral development banks (MDBs) climate finance for the year, including the Inter-American Development Bank Group (IDB Group).

Global climate financing by MDBs increased 10% year-on-year in 2024, reaching a record 137 billion dollars, with the majority directed to low- and middle-income economies. In addition, private financing mobilized by MDBs to fight global warming reached 134 billion dollars in 2024, a 33% increase from the previous year.

In particular, the IDB Group has ramped up its adaptation financing in Latin America and the Caribbean to 2.2 billion dollars, boosting adaptation’s share of total climate lending to 33%.

MDBs are advancing a digitalization 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 the Climate Change Conference (COP30) in Belém, Brazil, in November 2025.