Dhaka, Nov. 13 -- A group of leading multilateral development banks (MDBs) shared an estimate of their annual collective financing of US$ 170 billion for low, middle, and high-income countries at the World Leaders Climate Action Summit at COP29 in Baku, Azerbaijan.

For low- and middle-income countries, the annual collective climate financing contributions from the group of MDBs is set to cumulatively reach $120 billion by 2030, including $42 billion for adaptation, they estimated on Tuesday.

The MDBs also aim to mobilise $65 billion annually from the private sector. For high-income countries, this annual collective climate financing is projected to reach $50 billion, including $7 billion for adaption.

The estimates encompass lenders in...