File Photo: European Investment Bank. Photo courtesy of EU neighbours website.
More than $85 billion of the funding went to low- and middle-income economies, marking a 14 percent annual increase.
Mobilized private climate finance also jumped 33 percent year-on-year, reaching $134 billion worldwide.
The data, compiled by MDBs including the European Investment Bank (EIB), will help shape preparations for the UN Climate Change Conference (COP30) in Belém, Brazil, in November 2025.
Expanding climate finance is expected to be a central theme at the summit, following the COP29 agreement in Azerbaijan to scale up climate support for developing countries to at least $1.3 trillion annually by 2035.
EIB Vice-President Ambroise Fayolle said MDBs were “on track to meet ambitious goals” and reaffirmed their commitment to support the global clean energy transition and climate adaptation.
In 2024, MDBs allocated $58.8 billion to climate mitigation projects and $26.3 billion to adaptation efforts in low- and middle-income countries. High-income economies received $51.5 billion, with 90 percent of that funding going toward mitigation.
The EIB provided a record $43 billion in high-income countries and $4.5 billion in developing nations through its development arm, EIB Global, while mobilizing $84.3 billion in private finance.
MDBs are also advancing a digitalisation project to make climate finance data more accessible, with detailed figures set to be published on an interactive platform from late 2025.
The report, coordinated by the EIB and supported by the European Bank for Reconstruction and Development (EBRD), consolidates data from major MDBs, including the World Bank Group, the Islamic Development Bank, the Asian Development Bank, and the African Development Bank.
In June 2024, Egypt hosted the two-day EU-Egypt Investment Conference after a few months of raising the level of the relationship between the European Union (EU) and Egypt to a strategic level.
The event witnessed the signing of deals worth $40 billion. The conference also saw the signing of the first tranche of the EU's financing package for Egypt, worth 1 billion euros out of a total of 7.4 billion euros.
A gradual green transition is a cornerstone in Egypt’s newly announced economic development narrative, launched this week. The narrative charts a map for the Egyptian economy through 2030.
In connection with this, Egypt’s green projects platform, part of the “NWFE” programme, has provided innovative financing tools to stimulate private sector investments in green projects.
In just two years, NWFE has mobilized $3.9 billion in concessional financing in partnership with international financial institutions, alliances, and investment funds.
This funding supports private sector renewable energy projects with a total capacity of 4 gigawatts and upgrades to the national electricity grid, according to the Ministry of Planning, Economic Development, and International Cooperation.
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