In a statement, they estimated that by 2030, annual climate financing for low- and middle-income nations would reach $120 billion, with $42 billion allocated specifically for adaptation measures. High-income countries will see $50 billion in yearly climate financing, including $7 billion dedicated to adaptation.
In a significant development, MDBs pledged to leverage $65 billion from private sector investments annually across all income levels, amplifying the impact of their funding efforts.
Catalyzing transformative change
MDBs significantly exceeded their ambitious 2025 climate finance projections set in 2019, with a 25-percent increase in direct climate finance and mobilization for climate efforts doubling over the past year.
Their statement emphasized that while financial commitments are critical, MDBs’ real influence lies in catalyzing transformative change and driving sustainable outcomes.
“MDBs recognize the central importance of establishing a New Collective Quantified Goal on Climate Finance (NCQG) at COP29,” the statement read. They urged parties to finalize this goal, underscoring its importance for meeting the Paris Agreement’s targets.
Promoting collaboration
To enhance impact measurement, MDBs introduced the “Common Approach to Measuring Climate Results”, a standardized framework launched in April 2024. Additionally, they published their Country Platforms for Climate Action plan, promoting collaboration among MDBs, host nations, donors, and the private sector, furthering climate action initiatives.
Signatories included the African Development Bank Group, the Asian Development Bank, the World Bank Group, and others, collectively reaffirming their commitment to mobilizing resources for climate resilience worldwide.
