Climate financing provided by multilateral development banks rose 19% in 2025 to a record $163 billion across their countries of operation, according to a joint report released on Monday.

Financing for low- and middle-income economies increased 21% year-on-year to an all-time high of $103 billion, doubling over the past five years, the 2025 Joint Summary Report on Multilateral Development Banks’ Climate Finance showed.

Of the total financing provided to these economies, $68 billion was directed toward climate-change mitigation projects, up 16% from the previous year.

Adaptation financing, aimed at improving resilience against the effects of climate change, climbed 31% to $35 billion.

The banks also mobilized $35 billion in private-sector climate financing for low- and middle-income economies.

Climate financing for high-income economies totaled around $60 billion, exceeding the banks’ collective target of providing $50 billion annually by 2030 five years ahead of schedule.

Of this, $53 billion supported mitigation projects and $7 billion was allocated to adaptation. The banks also mobilized $80 billion in private climate financing for high-income economies.

The figures cover financing from the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development 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.

The banks aim to provide $120 billion annually in climate financing to low- and middle-income economies by 2030, including $42 billion for adaptation, while mobilizing another $65 billion annually from the private sector.

For high-income economies, they have projected annual climate financing of $50 billion and private-sector mobilization of $65 billion by 2030.