MDBs pledge to join forces to raise annual climate finance to $175 bn by 2025

In a statement at the UN Secretary-General’s Climate Action Summit in New York, nine multilateral development banks (MDBs) announced plans to increase the global climate action investments they support each year to US$ 175 billion by 2025. 

The increased funding will come in three streams.

• Annual combined MDB climate finance globally will rise to US$ 65 billion by 2025 – a 50 per cent increase from current levels - with US$ 50 billion for low and middle income economies

• Within this total, annual combined climate adaptation finance will double to US$ 18 billion by 2025

• Annual co-financing for investment in climate action is expected to rise significantly to US$ 110 billion by 2025. Of that, US$ 40 billion is expected to be mobilised from private sector investors.