IDB to Scale Annual Climate Finance to $11.3 Billion by 2030, Accelerating Impact

PRESS RELEASE from IDB and IDB Invest
13 November 2024

BAKU, Azerbaijan. The Inter-American Development Bank (IDB) and its private sector arm, IDB Invest, are scaling climate and environmental sustainability across Latin America and the Caribbean. By 2030, the IDB aims to reach 50% in green and climate finance, while IDB Invest projects 60%, including mobilized private capital, to amplify climate action in the region.  

By 2030, the IDB and IDB Invest expect to deliver a combined $11.3 billion in annual climate finance and mobilize another $6.6 billion. These projections align with the institutions' commitments, as outlined in a new Impact Framework, including delivering $25 billion in adaptation and dual-purpose finance from 2024 to 2030. In 2023 alone, IDB and IDB Invest dedicated $7.5 billion to climate finance, laying the groundwork for long-term climate resilience.  

“These projections underscore the IDB and IDB Invest’s drive to scale climate action in Latin America and the Caribbean,” said Jordan Schwartz, IDB Executive Vice-President, during COP29. “We’re taking concrete steps to ensure that our resources drive real progress, focusing on the regions that need it most and building resilience where it matters.” 

Beyond financing, IDB and IDB Invest are working to drive investment, job creation, and resilience across Latin America and the Caribbean through regional programs such as Amazonia Forever, One Caribbean, and America en el Centro that integrate climate policies with biodiversity conservation.  

Innovative tools like EcoInvest, debt for climate resilience swaps, and IDB CLIMA reduce capital costs and expand access to sustainable finance, supporting communities and driving inclusive growth. 

Multilateral Development Banks (MDBs) working as a system 

As outlined in their Viewpoint Note, MDBs are committed to working as a system on climate action, advancing sustainable growth, jobs, and resilience. The recent Joint MDB Climate Finance Report highlights that in 2023 MDBs already exceeded their climate finance projections for 2025, with $125 billion in direct climate finance and an additional $100 billion in mobilization.  

On Nov 12, MDBs announced new 2030 climate finance projections, estimating $120 billion annually, plus an additional $65 billion from private sector mobilization for low- and middle-income countries.

Beyond financing, MDBs are also empowering countries to lead their climate agendas through the Joint MDB Long-Term Strategies (LTS) Program and enhanced country platforms that unite MDBs, governments, and the private sector. The adoption of common metrics on climate results ensures clear tracking of MDB progress and impact. 

As climate challenges intensify, IDB, IDB Invest, and MDBs remain committed to transparent, sustainable change at scale, setting the stage for a resilient, low-carbon future across Latin America and the Caribbean. 

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.   

About the IDB

The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.