IN a significant boost to global climate financing, multilateral development banks (MDBs) announced ambitious plans to collectively mobilize up to $170 billion annually by 2030 to support climate initiatives in low-, middle- and high-income countries.

In a joint statement on Wednesday, the MDBs' estimated that their combined annual climate financing would reach $120 billion for low- and middle-income countries by 2030. This includes $42 billion earmarked for climate adaptation to help these nations build resilience against the impacts of climate change.