IDFC GREEN FINANCE MAPPING REPORT 2024

In 2023, IDFC members committed $199 billion in green finance, a 31% decrease from 2022, largely due to currency depreciation in East Asia and the Pacific and the adoption of more conservative tracking methodologies. Climate finance dominated at 98% of total green finance, with mitigation accounting for 89% of that amount. Adaptation finance fell significantly to $10.5 billion, while biodiversity finance reached its lowest level since 2020 at $8.2 billion. The report emphasizes the role of public development banks (PDBs) in providing transformative finance and calls for the New Collective Quantified Goal on Climate Finance (NCQG) to integrate 'transformational criteria' to better catalyze private investment.

• IDFC members reported total green finance commitments of $199 billion in 2023, marking a 31% decrease from the record levels seen in 2022.
• Climate finance accounted for 98% of total green finance in 2023, totaling $196.4 billion. Within this, mitigation finance remained the dominant component at 89%.
• Adaptation finance dropped to $10.5 billion in 2023 from $32 billion in 2022, a decline attributed to more conservative tracking methodologies, currency depreciation, and lower overall investment volumes.
• Finance for projects with dual mitigation and adaptation objectives nearly doubled in 2023 to reach $11 billion, representing 6% of total climate finance.
• Biodiversity finance fell to its lowest level since 2020, totaling $8.2 billion in 2023. This includes $5.4 billion at the climate-nature nexus and $2.8 billion solely targeting biodiversity.
• Non-OECD-based institutions provided the majority of climate finance in 2023, totaling $129 billion (66% of the total), a trend primarily driven by domestic commitments in China.
• East Asia and the Pacific was the primary recipient of climate finance, receiving 61% ($119.8 billion) of total commitments in 2023.
• Loans were the primary financial instrument used, representing 96% ($189 billion) of total climate finance, with non-concessional debt accounting for two-thirds of those loans.
• The IDFC advocates for the New Collective Quantified Goal on Climate Finance (NCQG) to include 'transformational criteria' in tracking taxonomies to identify finance with high potential for systemic change.

APA

Climate Policy Initiative (2024). IDFC GREEN FINANCE MAPPING REPORT 2024. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/11/IDFC_2024.pdf

Chicago

Climate Policy Initiative. IDFC GREEN FINANCE MAPPING REPORT 2024. 2024. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/11/IDFC_2024.pdf.

Wikipedia

{{cite report |author=Climate Policy Initiative |title=IDFC GREEN FINANCE MAPPING REPORT 2024 |date=October 2024 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2024/11/IDFC_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatepolicyinitiative2024idfc, author = {{Climate Policy Initiative}}, title = {{IDFC GREEN FINANCE MAPPING REPORT 2024}}, institution = {Climate Policy Initiative}, year = {2024}, month = oct, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2024/11/IDFC_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }