Multilateral Development Banks (MDBs) have made a big promise at the COP29 meeting in Baku. They said they will help countries fight climate change with money and other support.
The MDBs think that by 2030, they will give $120 billion to low– and middle–income countries to adapt to climate change. This includes $42 billion for adapting to the effects of climate change. They also want to get $65 billion from private companies.
For rich countries, the MDBs predict that their annual help with climate finance will be $50 billion. Again, they aim to get $65 billion from private companies.
Last year was a big success for the MDBs. They gave more money directly to fight climate change than they promised to in 2019. This means they helped countries even more than planned.