Global lenders’ climate finance hits record $137bn in 2024

Published
0

ISLAMABAD: Global climate finance provided by multilateral development banks (MDBs) rose by 10 per cent in 2024, reaching a record $137 billion, with the bulk directed to low and middle-income economies, according to a new report.

Private finance mobilised by MDBs for climate action also climbed sharply, reaching $134bn in 2024 — a 33pc increase from the previous year.

High-income states got $51.5bn in support

The report, released by the Asian Infrastructure Investment Bank (AIIB), said climate finance remains central to MDBs’ efforts to advance sustainable development worldwide. By supporting investments in renewable energy, green cities, clean transport, water and food security, MDBs are helping countries move closer to achieving the Sustain­able Development Goals.

Of the total climate finance last year, $85.1bn went to low and middle-income economies. Climate finance to these countries has more than doubled over the past five years and rose 14pc year-on-year. Of this, $58.8bn, or 69pc, was allocated for climate change mitigation, while $26.3bn, or 31pc, was directed to adaptation.

Mobilised private finance for climate investments in these economies amounted to $33bn.

In high-income countries, MDBs’ climate finance reached $51.5bn in 2024, of which $46.5bn (90pc) supported mitigation and $5bn (10pc) backed adaptation. Mobilised private finance for climate-related inves­t­ments in these countries stood at $101bn.

The 2024 climate finance data was compiled by the European Bank for Reconstruction and Deve­lo­pment and includes contributions from the Afr­ican Development Bank, Asian Development Bank, Council of Europe Develo­pment Bank, European Inve­stment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and World Bank Group.

Published in Dawn, September 14th, 2025

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kashmir unresolved
Updated 30 Sep, 2026

Kashmir unresolved

The just solution lies in India addressing the issue through a trilateral dialogue involving the legitimate representatives of the Kashmiri people and Pakistan.
Water shortage
30 Sep, 2026

Water shortage

THAT the country is entering the Rabi season with an anticipated water shortage of nearly 25pc, the lowest carryover...
Young hearts
30 Sep, 2026

Young hearts

THE observance may have passed, but the message of World Heart Day should not fade with it. The occasion is a useful...
Terror and politics
Updated 29 Sep, 2026

Terror and politics

There is an urgent need to tone down the rhetoric and tackle terrorism as a collective challenge for both the affected provinces and the federation.
Watching the glaciers
29 Sep, 2026

Watching the glaciers

THE latest signs from Pakistan’s mountains are worrying. Suparco says the number of unfrozen glacial lakes it...
Dangerous agenda
29 Sep, 2026

Dangerous agenda

AS the world remains fixated on the US-Iran conflict, elsewhere in the Middle East, Israel is consolidating its grip...