Climate Finance by banks hit record in 2023

Multilateral development banks (MDBs) announced that their global climate finance reached a record high of $125 billion in 2023.

The combined total last year from institutions, including the Asian Development Bank, is more than double the amount provided in 2019, when MDBs announced their ambition to increase climate finance levels over time at the United Nations Secretary General’s Climate Action Summit.

“We welcome the fact that MDBs provided record climate finance last year,” said ADB Director General for Sustainable Development and Climate Change, Bruno Carrasco.