Multilateral development banks (MDBs), including the European Bank for Reconstruction and Development (EBRD), increased climate finance to record levels in 2025, reinforcing their role in supporting climate-resilient and sustainable economies.
Climate finance by MDBs in low- and middle-income countries jumped 21 per cent from the previous year to an all-time high of US$ 103 billion, while MDB climate finance across all countries of operation rose 19 per cent to a record US$ 163 billion.
The results, published today in the 2025 Joint Summary Report on Multilateral Development Banks’ Climate Finance, confirm that MDBs are on track to meet their 2030 projections, announced at the COP29 United Nations climate conference in Baku in 2024.
Gianpiero Nacci, Managing Director of Climate Strategy and Delivery at the EBRD, said: “At a time of heightened geopolitical uncertainty, MDB collaboration is vital to helping countries build more resilient, energy-secure and competitive economies. This year’s record figures show what we can deliver together. Our EBRD Green Economy Transition Strategy underpins our climate action and, across our regions, we are backing mitigation and adaptation projects, as well as nature-based solutions. We are also leading efforts to mobilise private capital in our countries of operation to maximise our impact. We are proud to be part of a collective effort delivering lasting economic value, here and now.”
In low- and middle-income economies, MDB climate finance has doubled over the past five years. Of the US$ 103 billion reported in 2025, mitigation accounted for the largest share, at US$ 68 billion, while adaptation finance continued to grow rapidly, to US$ 35 billion. Private-sector mobilisation in these countries reached US$ 35 billion.
In high-income economies, MDB climate finance in 2025 also remained substantial, meeting or exceeding 2030 projections five years in advance, and primarily supporting mitigation efforts, to the tune of US$ 53 billion, alongside adaptation investments of US$ 7 billion. Private finance mobilisation in these countries reached US$ 80 billion.
MDB climate finance
At COP29 in Baku, MDBs set out their collective ambition to scale up climate finance to support countries and other clients with their low-carbon, resilient development plans. By 2030, they projected providing US$ 120 billion annually in collective climate finance for low- and middle-income countries, including US$ 42 billion for adaptation, while mobilising an additional US$ 65 billion a year from the private sector. For high-income countries, MDBs projected US$ 50 billion a year in climate finance by 2030, including US$ 7 billion for adaptation, alongside a further US$ 65 billion in mobilised private finance.
At COP30 in Belém, MDBs reaffirmed their commitment to continuing to work together as a system to assist clients, helping them to benefit from the opportunities of climate-smart development.
Advancing transparency
MDBs are advancing their joint digitalisation efforts to improve the transparency, accessibility and usability of climate finance data.
Launched in April 2026, the pilot version of the MDB Climate Finance Dashboard complements the joint summary report by providing more granular data, detailed breakdowns and the full set of harmonised methodologies used by MDBs. Through interactive tables and visualisations, stakeholders can explore climate finance data in a more flexible and intuitive way, enhancing both understanding and usability.
MDB joint reporting on climate finance
The 2025 MDB climate finance reporting is coordinated and prepared for publication by the European Investment Bank (EIB), with assistance from the EBRD. The reporting combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the EBRD, the EIB, the Inter-American Development Bank Group (IDBG), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank Group (WBG).