Worldwide MDB climate finance hits $100bn

Multilateral development banks (MDBs) have managed to raise $100 billion in climate finance for mitigation as well as adaptation efforts last year, a new report claims. And around $60.7 billion of that went to low and middle income countries.

- Jayashree Nandi

Total climate finance raised by MDBS is up from $81.8 billion raised in 2021. For low and middle income countries, the climate finance available increased from $50.7 billion in 2021, but the Joint Report on Multilateral Development Banks' Climate Finance also shows that around $67.82 billion of the total was provided as investment loans and only around $6.84 billion was in grants. And experts also said the number itself remains to be examined, as needs be the contribution of developed countries to it.

"I'm encouraged to see the joint report released by MDBs showing nearly $100 billion was delivered for adaptation and mitigation climate finance in 2022, with half of this going to low-income and middle-income economies. This, along with the joint statement released by MDBs committing to greater action ahead, shows that the calls of the global community are being heard," COP28 President, Sultan Al Jaber of UAE, which is hosting the UN Climate Conference (COP28) in December, said in a statement on Sunday.