The world's top multilateral banks pledged to ramp up climate finance to low- and middle-income countries to $120 billion a year by 2030 as part of efforts at global talks in Azerbaijan on Tuesday to agree an ambitious annual target.

Poor countries need $1tn a year in climate finance by 2030, five years earlier than rich countries are likely to agree to at UN climate talks, a new study has found. Waiting until 2035 to receive the funding,

The world’s largest multilateral development banks announced a new goal on Tuesday at the COP29 talks in Azerbaijan to raise $120 billion in annual climate finance for developing nations by the end of the decade.

The world's top multilateral banks pledged on Tuesday to ramp up climate finance to low and middle income countries to $120 billion a year by 2030 as part of efforts at global talks in Azerbaijan to agree an ambitious annual target.

The first day of the World Leaders Climate Action Summit at COP29, held in Baku, Azerbaijan, on November 12 concluded with a significant announcement by leading multilateral development banks (MDBs).