EBRD: development banks deliver record climate finance in 2025

According to the 2025 Joint Summary Report on Multilateral Development Banks’ Climate Finance, climate finance for low- and middle-income countries increased by 21% year-on-year, reaching a record high of $103 billion. Globally, total climate finance provided by MDBs increased by 19%, reaching $163 billion, also a record level.

The figures confirm that multilateral development banks are on track to meet the climate finance targets for 2030 that they announced at the United Nations Climate Change Conference (COP29) held in Baku in 2024.

The EBRD’s Managing Director for Climate Strategy and Delivery, Gianpiero Nacci, stated that, amid a period of heightened geopolitical uncertainty, cooperation among multilateral development banks is crucial for strengthening economic resilience, energy security and competitiveness. He noted that this year’s results demonstrate the momentum generated by joint action, while highlighting that the EBRD’s Green Economy Transition strategy provides the foundation for financing climate mitigation and adaptation projects, as well as nature-based solutions, while simultaneously mobilising private capital.

In low- and middle-income countries, MDB climate finance has doubled over the past five years. Of the $103 billion allocated in 2025, $68 billion was directed towards emissions mitigation projects, while investment in climate adaptation reached $35 billion. At the same time, the banks mobilised $35 billion in private capital for projects in these economies.

In high-income economies, climate finance also remained at elevated levels, exceeding or already achieving by 2025 the targets set for 2030. Financing for mitigation projects reached $53 billion, while adaptation investments amounted to $7 billion. Private capital mobilisation in these countries totalled $80 billion.

The figures highlight the increasingly important role of multilateral development banks in financing the green transition, as investment needs for low-carbon infrastructure, energy security and resilience against the impacts of climate change continue to grow.