ESG & Investing
MDBs Pledge $120 Billion in Annual Climate Finance by 2030
- Group stressed capital restrictions they face for scaling up
- Banks also aim to help mobilize $65 billion in private finance
Photovoltaic panels at a solar farm in Pavagada, Karnataka, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
The world’s largest multilateral development banks announced a new goal on Tuesday at the COP29 talks in Azerbaijan to raise $120 billion in annual climate finance for developing nations by the end of the decade.
The pledge highlights the group’s ambition to play a major part in rallying funds to help poorer nations cut emissions and adapt to the fallout from climate change. Still, it’s a small figure compared to the trillions of dollars a year developing nations say they need.