Official announcements and agreements made at COP29

World Bank Climate Finance Hits Record $42.6 Billion in FY 2024, 44% of $97 Billion Total

Sep 20, 2024, 10:00 AM

The World Bank Group has announced that its climate finance reached a record $42.6 billion in the fiscal year 2024, marking a 10% increase from FY 2023. This amount represents 44% of the World Bank Group's total financing of $97 billion for FY 2024, nearly hitting the new target of 45% set for FY 2025. Additionally, multilateral development banks, including the European Investment Bank (EIB), committed a record $125 billion for climate action in 2023, with $75 billion allocated for mitigation and adaptation projects in low- and middle-income countries. The European Bank for Reconstruction and Development (EBRD) noted high levels of private sector mobilisation, reaching $26.7 billion for climate finance in 2024. The International Finance Corporation (IFC_org) continues to play a significant role in mobilizing private capital, and further collaboration is expected as COP29_AZ approaches.