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.

In December, the Bank committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent starting in the fiscal 2025 year, which began in July.

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.