Development banks’ climate pledges hit record, but World Bank pullback looms

Climate finance provided by multilateral development banks (MDBs) to low- and middle-income countries has doubled over the past five years, rising from $51.6 billion in 2021. Monday’s figures showed that mitigation projects, including renewable energy and emissions-reduction initiatives, accounted for $67.8 billion in 2025. Adaptation finance, aimed at helping countries cope with increasingly severe climate impacts, jumped 31% to $34.8 billion.