BAKU, November 12, 2024 – Multilateral Development Banks (MDBs) today issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes.

MDBs estimate that by 2030 their collective annual climate finance for low- and middle-income countries will reach $120 billion, including $42 billion for adaptation, and MDBs aim to mobilize $65 billion dollars from the private sector.

For high-income countries, this collective annual climate finance is expected to reach $50 billion, including $7 billion for adaptation, and the MDBs aim to mobilize $65 billion from the private sector.

MDBs have far exceeded their ambitious climate finance projections for 2025 set in 2019, with a 25% increase in direct climate finance and mobilization for climate efforts doubling over the past year.

“While the scale of MDB financial commitments is critical, MDBs’ most significant impact comes from our ability to drive transformative change,” the statement said. a system of impact and scale, we, the BMD, strive to amplify our catalytic effect by improving the results and impact of our financing, deepening engagement with countries through platforms, supporting climate ambitions of our clients and by increasing the mobilization of the private sector.

“Rallying the call for urgent climate action, MDBs recognize the central importance of establishing a new collective quantified target on climate finance (NCQG) at COP 29 in Baku. A strong and ambitious NCQG is essential to achieving the goals of the Paris Agreement, and we urge the parties to reach a firm conclusion on this goal,” the statement said.

Recognizing that quality and systemic impact must be informed by climate outcomes, the MDBs published the Common Approach to Measuring Climate Outcomes: Indicator Update. The Common Approach, released in April, is the first shared framework for defining, measuring and linking global progress on climate mitigation and adaptation with the climate outcomes of MDB activities.

The MDBs also released their National Platforms for Climate Action – MDB Statement on Common Understanding and Way Forward, reaffirming their shared support for efforts to foster collaboration between host countries, MDBs, donors and the private sector. Depending on country demand, MDBs will build on successful examples to support the launch of new platforms, while deepening their collaboration with partners, including the International Monetary Fund.

The statement was issued by the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development Bank, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank and the World Bank Group.