Press ReleaseNew Development Bank and other Multilateral Development Banks achieve record climate finance milestones

• Total support by MDBs to low and-middle-income economies was $74.7 billion. This includes $24.7 billion for climate change adaptation.
• MDBs provided a record $125 billion in 2023 for climate action worldwide.
• Mobilised global private sector finance nearly doubled to $101 billion compared to the amount provided in 2022.

NDB and other MDBs announced today that their global climate finance investments reached a record high of $125 billion in 2023. The combined total last year from institutions including the New Development Bank is more than double the amount provided in 2019, when MDBs agreed on joint climate finance targets at the United Nations Secretary General's Climate Action Summit.

Low and middle-income economies

In 2023, $74.7 billion of MDB climate finance was for low- and middle-income economies. Of this sum, 67% - or $50 billion - went to climate change mitigation and $24.7 billion, or 33%, went towards climate change adaptation. The amount of mobilised private finance for this group of countries stood at $28.5 billion.

High-income economies

In 2023, $50.3 billion was allocated for high-income economies. Of this amount, $47.3 billion, or 94%, was for climate change mitigation and the remaining $3 billion or 6% was for climate change adaptation. The amount of mobilised private finance for high-income countries stood at $72.7 billion.

Climate finance in focus at COP29

Today's announcement comes in the run-up to the 29th session of the Conference of the Parties (COP 29) to the United Nations Climate Change Conference that will be held in Baku, Azerbaijan in November 2024. One of the key objectives of COP29 is to increase global climate finance and reach agreement on the new collective quantified goal on climate finance. NDB's General Strategy for 2022-2026 has committed to directing 40% of its total approved financing to projects that address climate change during the second strategy period.

"NDB recognises the need for rapid and sustained efforts to combat climate change. With the record level of climate finance delivered in 2023, this is the third year in a row that the MDBs signing off this joint report have collectively surpassed their commitment made at the UN Climate Summit in 2019. This progress is sure to inspire all of us to further elevate our individual contributions going forward," said Mr. Anil Kishora, Vice President and Chief Risk Officer.

Transparent joint reporting on climate finance

The Joint Report on Multilateral Development Banks' Climate Finance is an annual collaboration to publish MDBs' climate finance figures, together with a clear explanation of the methodologies for tracking this finance. The joint report, along with the banks' independent publication of their own individual climate finance statistics, is intended to track progress in relation to their joint climate finance targets such as those announced at COP21, and the greater ambition pledged for the post-2020 period.

The 2023 Multilateral Development Bank report, coordinated by the European Investment Bank (EIB), includes data from the African Development Bank (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank Group (IDBG), Islamic Development Bank (IsDB), New Development Bank (NDB) and the World Bank Group (WBG).

The 2023 full Joint MDB report is available here:

Public link

Please use the above public link if you want to share this noodl on another website.