MDBs pledge $120 billion for low-income nations at COP29
At COP29 in Baku, Azerbaijan, leading multilateral development banks (MDBs) announced plans to collectively mobilize $120 billion annually in climate financing for low- and middle-income countries by 2030, with $42 billion dedicated to adaptation. The private sector is expected to contribute an additional $65 billion each year. High-income countries are set to receive $50 billion annually in climate finance, including $7 billion for adaptation. The MDBs exceeded their 2025 climate finance projections by a 25%…