Kreetika Kumar 
Multilateral development banks have issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes.
MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach $120 billion, including $42 billion for adaptation.
MDBs aim to mobilize $65 billion from the private sector.
For high-income countries, this annual collective climate financing is projected to reach $50 billion, including $7 billion for adaptation, and MDBs aim to mobilize $65 billion from the private sector.
MDBs significantly exceeded their ambitious 2025 climate finance projections set in 2019, with a 25 percent increase in direct climate finance and mobilization for climate efforts doubling over the past year.
The statement was issued by the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the
European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.
