Global climate finance from multilateral development banks grew by 25% in 2023 to a record $125 billion, according to a report on Friday, with the fastest growth coming in richer countries.

The World Bank Group said on Thursday it delivered a record $42.6 billion in climate finance during fiscal 2024, a 10% increase over the $38.6 billion the prior year and close to its target of a 45% share of total financing devoted to climate projects.

The World Bank announced Thursday that it delivered a record $42.6 billion in climate change financing in the last financial year, up 10 percent from a year earlier.