The Joint Report on MDBs Climate Finance, released on Thursday, said that 60.7 billion U.S. dollars of MDB climate finance was allocated for low-income and middle-income economies in 2022.

The report noted that 38 billion dollars, or 63 percent of that total, was for climate change mitigation finance, and that 22.7 billion dollars, or 37 percent of the total, was for climate change adaptation finance.

The amount of mobilized private finance stood at 16.9 billion dollars.

Last year, 38.8 billion dollars was allocated for high-income economies, the report said. Of that total, 36.3 billion dollars was for climate change mitigation finance, and 2.5 billion dollars was for climate change adaptation finance.

The amount of mobilized private finance stood at 51.9 billion dollars.

In 2022, the Asian Development Bank (ADB) committed 7.1 billion dollars to climate finance, including 4.3 billion dollars in climate change mitigation finance and 2.8 billion dollars for climate change adaptation.

The ADB also mobilized 548 million dollars in climate finance from the private sector.

Compared to 2019 volumes, MDB 2022 climate finance for low-and-middle-income economies has increased by 46 percent and global MDB climate finance by 62 percent.

“It is encouraging to see the growth in MDB climate finance for low-and-middle-income economies, particularly the rise in the amount of private sector finance mobilized,” said ADB Climate Envoy Warren Evans.

“But we need to do more. In Asia and the Pacific, home to many of the most climate-vulnerable countries, we will need to mobilize significant amounts of private sector finance to move from the billions to trillions required to cut greenhouse gas emissions and urgently scale up climate resilience both now and into the future,” said Evans.

The report is an annual collaborative effort to publish MDBs’ climate finance figures, clearly explaining the methodologies for tracking this finance as climate finance.