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COP29: Development banks set ambitious $170 billion climate finance foal for 2030
MDBs have surpassed their 2025 climate finance targets, with direct climate finance up 25% and private sector mobilization doubling in the past year.
A coalition of leading multilateral development banks (MDBs) has set an ambitious target of collectively delivering $170 billion in annual climate finance to low—and middle-income countries by 2030.
The pledge, announced at the COP29 climate summit in Baku, Azerbaijan, seeks to accelerate global efforts to mitigate climate change and adapt to its effects.
The MDBs plan to allocate $120 billion annually to low- and middle-income countries, with $42 billion designated for adaptation. Additionally, they aim to mobilize $65 billion annually from the private sector.
For high-income countries, the MDBs intend to provide $50 billion annually, including $7 billion for adaptation, and mobilize another $65 billion from private sources.
This represents a significant increase, with MDBs surpassing their 2025 climate finance targets set in 2019. Direct climate finance has risen by 25%, and private sector mobilization for climate initiatives has doubled over the past year.
The figures were shared during a high-level meeting hosted by COP29 President Mukhtar Babayev, which was attended by global leaders and senior executives from key financial institutions, including the International Monetary Fund (IMF).
In a related development, Sweden pledged approximately $19 million to the Fund for Loss and Damage, bringing total contributions to over $720 million.
The COP29 Presidency acknowledged Sweden’s contribution and called for additional pledges to support the communities most affected by climate change.
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