2 weeks Ago By Harriet Belderbos
Open Access News Finance Multilateral development banks announce their support of climate financing at COP29 November 13, 2024 image: ©Sakorn Sukkasemsakorn | iStock Yesterday, at COP29, multilateral development banks (MDBs) announced their financial plans to help countries meet ambitious climate outcomes MDB has predicted that by 2030, its annual collective climate funding for low-income and middle-income will surpass USD 120 billion. This also includes USD 42 billion for adaptation, MDBs also hope to catalyse USD 65 billion from the private sector. This annual collective climate financing is expected to reach USD 50 billion for high-income countries, including USD 7 billion for adaptation.
Climate financing projects In 2019, MDB set 2025 climate financing projects, which they have now exceeded. This includes a 25% increase in direct climate financing and mobilisation for efforts doubling over the past year. A statement released by MDB explained that the most significant impact of MDB’s financial commitment is its ability to drive transformative change.
MDB is focused on expanding its catalytic effect by improving the results and impacts of its financing. Increasing engagement with countries through platforms, supporting clients’ ambitions, and increasing private sector mobilisation. In a call for urgent climate action, MDB needs to establish a New Collective Quantified Goal on Climate Finance (NCQG) at COP29 in Baku.
A stronger NCQG is important for achieving the Paris Agreement Goals. Quality and systemic impact informed by climate results The MDBs released the Common Approach to Measuring Climate Results: Update on Indicators. Using the climate results of MDB activities, the Common Approach which was issued in April, is the first shared framework to define, measure and link global progress on climate migration and adaptation.
The MDB continues to reaffirm their joint support for efforts to foster collaboration between host countries, multilateral development banks, donors, and the private sector. The MDBs have also published their Country Platforms for Climate Action – MDB Statement of Common Understanding and Way Forward, and based on the country’s demand MDBs will use successful examples to build on the launch of new platforms. By supporting the launch of these new platforms MDB hopes to strengthen collaboration between partners including the International Monetary Fund.
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