Global climate finance by multilateral development banks (MDBs) — including the European Investment Bank (EIB) — increased 10% last year to a record $137 billion, with the majority directed to low- and middle-income economies, according to a new report just published.

In addition, private finance mobilised by MDBs for climate action reached $134 billion in 2024, a 33% increase from the previous year.

The EIB alone delivered a record volume of $43 billion of climate finance in high-income economies and $4.5 billion for low- and middle-income economies through its specialised development arm EIB Global. The EIB mobilised global private finance of $84.3 billion.

“The latest climate finance data from MDBs will inform preparations for the United Nations Climate Change Conference (COP30) in Belém, Brazil in November 2025,” said the EIB.

“Expanding climate finance will be a central theme at COP30. At the last summit, held in Baku, Azerbaijan, in November 2024, countries agreed to scale up support for developing countries to at least $1.3 trillion annually from public and private sources by 2035.”

EIB Vice-President Ambroise Fayolle said: “As the Climate Bank, the EIB Group is staying the course on climate action and will step up its support for the clean energy transition and climate adaptation efforts, making climate, competitiveness, prosperity, and security a winning proposition for Europe and the world.”