This follows their commitment to scaling up climate finance made at the United Nations Climate Action Summit.

Of the total amount, €70.2 billion was directed to low- and middle-income economies. Within this sum, €47 billion(67%) supported climate change mitigation, while €23.2 billion (33%) went to climate adaptation projects. An additional €26.8 billion was mobilized from the private sector in these economies.

For high-income economies, €47.3 billion was allocated. The majority, €44.4 billion (94%), targeted climate change mitigation, while €2.8 billion (6%) went toward climate adaptation. Mobilized private finance for these countries amounted to €68.3 billion.

This announcement comes as attention turns to COP29, scheduled for November 2024 in Baku, Azerbaijan. A key outcome expected from the conference is to increase global climate finance and set new targets. The year 2023, marked by record temperatures and renewable energy installations, highlights the urgency and economic potential of addressing climate change.

MDBs maintain transparency through their annual "Joint Report on Multilateral Development Banks' Climate Finance." Coordinated by the European Investment Bank (EIB), this report details each MDB's climate finance contributions and the methodologies used to track them.