Multilateral Development Banks (MDBs) intend to provide $120 billion in climate finance annually to low- and middle-income countries by 2030 and mobilize an additional $65 billion in private capital, reads a joint statement by the MDBs for COP31, which is taking place in Antalya, Türkiye, Report informs.
"The 21% increase in climate finance compared to the previous year demonstrates progress towards our collective 2030 projections announced at COP29 in Baku: to provide $120 billion annually to low- and middle-income countries and mobilize an additional $65 billion in private capital," the statement reads.
It is noted that in 2025, the banks provided these countries with $103 billion in climate finance, including $35 billion for adaptation. An additional $35 billion in private climate finance was mobilized.
The statement also announces the transition to implementing the MDBs' joint long-term strategy program in more than 30 countries. As part of this work, the banks help transform climate plans into investment projects and ensure their financing.
"Moving forward, we will continue to direct support to areas where client demand for climate finance is growing. Adaptation, resilience, and disaster preparedness are clear priorities," the document notes.
The MDB Partnership for Adaptation and Resilience Investment, presented at COP31, aims to expand the banks' investments and attract more public and private financing. Special attention in the statement is given to simplifying access to funds for small island developing states and countries affected by fragility and conflict.