Philippines, Sept. 9 -- Global climate finance by multilateral development banks (MDBs) increased by 10% last year, reaching a record $137 billion, with the majority directed to low- and middle-income economies. MDBs including the Asian Development Bank (ADB) announced the year-on-year increase in a report published today.Private finance mobilized by MDBs for mitigation and adaptation reached $134 billion in 2024, a 33% increase from the previous year, according to the new report. Climate finance is central to the efforts of MDBs to advance sustainable development worldwide. By supporting investments in renewable energy, green cities, clean transport, water, and food security, MDBs help countries move closer to achieving their development g...