BAKU, Azerbaijan, November 12. At the COP29 summit, multilateral development banks (MDBs) pledged to significantly increase climate financing, aiming to support both low- and middle-income countries with $120 billion annually by 2030, with $42 billion dedicated to adaptation, Trend reports.
For high-income countries, financing is projected at $50 billion per year, alongside $65 billion in private sector mobilization for all income brackets.
MDBs emphasized their role in “transformative change” beyond financial commitments, focusing on private sector engagement, climate results tracking, and stronger collaboration with countries through specialized platforms that unite governments, MDBs, donors, and private partners.
Additionally, MDBs called on COP29 participants to set a robust New Collective Quantified Goal on Climate Finance, essential for achieving the Paris Agreement targets, and released an updated framework for measuring climate results.
This joint commitment was issued by MDBs including the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and the World Bank Group, underscoring their shared mission to accelerate global climate action.