Filling the Gap: a Review of Multilateral Development Banks’ Efforts to Scale Up Financing for Climate Adaptation

This report assesses Multilateral Development Banks’ (MDBs) efforts to scale up financing for climate adaptation and align with the Paris Agreement. It highlights the persistent gap in adaptation finance needed by developing countries despite MDBs’ significant steps. The report identifies challenges such as difficulties in mainstreaming climate resilience across portfolios and emphasizes the need for MDBs to transition from stand-alone projects to integrating adaptation objectives into all investments. It concludes that success requires active support from developing country partners, improved finance tracking, alignment with national adaptation priorities, and private sector engagement.