The global energy transition is at a critical juncture. Despite historic commitments at COP28 to triple renewables, double energy efficiency, and phase out fossil fuels in a just and equitable manner, investment remains dangerously uneven and insufficient. Multilateral Development Banks (MDBs) are uniquely positioned to help close this gap – yet their current contributions, including ongoing fossil fuel financing, fall short of what is needed.
Our paper explores the role MDBs can play in delivering the COP28 energy consensus. Focusing on nine major MDBs, it assesses their current financing patterns, institutional priorities, and opportunities to scale up support for clean energy, energy efficiency, grids and storage, and just transitions. The analysis offers actionable recommendations to align MDB operations with global clean energy commitments and accelerate progress toward net-zero by 2050.
