Climate finance provided by multilateral development banks (MDBs) reached a new record high in 2022, according to a new report by the MDBs released today.
The announcement comes as delegates meet in Marrakesh, Morocco, for the World Bank Group and International Monetary Fund Annual Meetings, where scaling up public climate finance, particularly for low and middle-income economies, is one of the top agenda items.
In 2022, $60.7 billion of MDB climate finance was allocated for low-income and middle-income economies. $38 billion, or 63% of this total, was for climate change mitigation finance and $22.7 billion or 37% was for climate change adaptation finance. The amount of mobilized private finance stood at $16.9 billion.