Record Climate Finance Boosts Global Green Investments
In 2024, multilateral development banks allocated a record $137 billion to climate finance, marking a 10% increase from the prior year. This surge also propelled private sector climate investments upward by a third. The funds primarily targeted low- and middle-income nations, addressing both mitigation and adaptation projects.
Multilateral development banks (MDBs) have set a record in 2024 by channeling $137 billion towards climate finance, a 10% rise compared to the previous year. This increase was accompanied by a significant boost in private sector investment, escalating by a third, according to a report released on Tuesday.
The heightened financial effort comes in anticipation of the U.N. climate talks in Brazil this November, during which developing nations are expected to appeal for enhanced support to counteract the disproportionate impacts of climate change. Nations are being urged to arrive with new strategies to engage private investors, a critical component as official aid faces cutbacks.
'MDBs are playing a pivotal role in quickening climate finance initiatives,' stated Nancy Saich, the European Investment Bank's chief climate change expert. MDBs directed $85.1 billion to low- and middle-income nations, focusing on projects like renewable energy. Furthermore, they mobilized $134 billion in private finance to support global climate action.
(With inputs from agencies.)
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