Multilateral Banks Pledge $120 Billion for Climate Finance at COP29

The world’s top multilateral banks want to increase climate finance to low- and middle-income countries to $120 billion a year by 2030. The group of multilateral development banks (MDBs), including the World Bank, European Investment Bank, Asian Development Bank, and others, announced the sum on Nov. 12 in the latest round of global climate talks in Baku, Azerbaijan. “While the scale of MDBs’ financial commitments is essential, MDBs’ most significant impact comes from our ability to drive transformative change,” the group said in a joint statement. Climate Finance High on the agenda at COP 29 is the deal to provide up to $1 trillion in annual climate finance for developing countries. U.N. Climate Change Executive Secretary Simon Stiell has urged leaders to “reform the global financial system.”...