Ten multilateral development banks announced a commitment to allocate $185 billion to adaptation and mitigation climate projects in low- and middle-income countries by 2030. The pledge was made on the first day of COP30 in Belém. Of this amount, $120 billion would come from the banks' own resources and $65 billion from mobilized private capital.
On Monday (10), during the first day of the COP30 Climate Summit in Belém, ten multilateral development banks unveiled a joint plan to expand climate financing. The commitment aims to support low- and middle-income nations in adapting to climate change, focusing on mitigation and adaptation projects by 2030.
Ilan Goldfajn, president of the Inter-American Development Bank (IDB), emphasized that $120 billion will come from the banks' balance sheets, while $65 billion will be drawn from private investments. Last year, these banks had already mobilized a record $118 billion for climate actions in such countries.
"Climate disasters are occurring with greater force and frequency, costing the world more than $320 billion last year alone, according to some estimates—with developing countries bearing the brunt of this impact," Goldfajn stated.
The signatories include the Inter-American Development Bank Group, African Development Bank Group, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Islamic Development Bank, New Development Bank, and World Bank Group.
In a joint statement, the institutions pledged to harmonize efforts, enhance the risk profile of investments, and strengthen result measurement. During COP30, they will also launch a new framework for nature financing, aimed at high-quality financial products for environmental preservation and attracting more private capital.
This announcement bolsters Brazil's efforts as host country to prioritize climate adaptation, amid escalating global damages from rising sea levels, storms, fires, droughts, and floods.