COP29: Multilateral banks pledge $120bn climate finance to low, middle income countries

Deborah BodundeThe world’s top multilateral development banks have pledged to boost climate finance to low and middle income countries by $120 billion annually by 2030.

The banks said their goal is to leverage lending to attract an additional $65 billion in private sector investment.The MDBs however warned that their capacity to do more depends on the commitment of shareholders from developed and developing nations.reports that during a panel discussion in Baku, Ajay Banga, World Bank president, said trillions of dollars would need to be sourced from the private sector, and he expected that annual private sector contribution would exceed the $65 billion target.

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