During the UN Secretary-General’s Climate Action Summit, nine multilateral development banks (MDBs) have promised to increase their investment in global climate action to US$65bn/year by 2025, including US$50bn for low- and middle-income economies (+50% compared to current level). In addition, US$18bn/year will be allocated to adaptation finance by 2025 (+100% compared to current level). Private sectors investors are expected to provide US$ 40bn/year to finance climate investment by 2025, including through the increased provision of technical assistance, use of guarantees, and other de-risking instruments.
The nine multilateral development banks are the Asian Development Bank, African Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and World Bank Group.