Multilateral development banks (MDBs) have issued a joint statement at COP29 in Baku, Azerbaijan, outlining financial support and other measures for countries to achieve ambitious climate outcomes.

MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach US$120 billion, including US$42 billion for adaptation, and MDBs aim to mobilize US$65 billion from the private sector.

For high-income countries, this annual collective climate financing is projected to reach US$50 billion, including US$7 billion for adaptation, and MDBs aim to mobilize US$65 billion from the private sector.

MDBs significantly exceeded their ambitious 2025 climate finance projections set in 2019, with a 25% increase in direct climate finance and mobilization for climate efforts doubling over the past year. 

Recognizing that quality and systemic impact must be informed by climate results, the MDBs released the Common Approach to Measuring Climate Results: Update on Indicators. The common approach, issued in April, is the first shared framework to define, measure and link global progress on climate mitigation and adaptation with the climate results of MDB activities.

The MDBs also published their Country Platforms for Climate Action - MDB Statement of Common Understanding and Way Forward, reaffirming their joint support for efforts to foster collaboration between host countries, MDBs, donors and the private sector.

Based on country demand, MDBs, they say, will build on successful examples to support the launch of new platforms, while deepening collaboration with partners, including the International Monetary Fund.

The MDBs issuing the joint statement were the European Investment Bank (EIB), the European Bank for Reconstruction and Development, the Council of Europe Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, the Inter-American Development Bank, the New Development Bank, the World Bank Group and the African Development Bank Group.

“It is clear we must stay the course,” says Nadia Calviño, the EIB’s president. “The green energy revolution is underway, and communities and businesses have understood that ambitious climate action is not only the right thing to do but the smart thing to do.

“The family of multilateral development banks is walking the talk: with our collective commitment here at COP29 to global climate action over the next five years. This also involves increasing the impact of the projects we finance – helping countries around the world to meet their climate goals and adapt to the effects of climate change.”