Since 2011, the International Development Finance Club (IDFC), a group of 26 national and regional development banks with over USD 4 trillion in combined assets and annual commitments exceeding USD 800 billion, has conducted an annual mapping of member institutions’ green finance contributions.

In 2023, IDFC members reported USD 199 billion in total green finance commitments. After a record-breaking year in 2022, overall green finance commitments decreased by 31% in 2023, returning to pre-pandemic levels. Despite this decrease, which was driven by a few large reporting institutions, IDFC members overall are showing continued and increased engagement in green finance. More than half of members (13) increased their total green finance commitments, with these commitments increasing by an average of 27% across the Club. In addition, a record number of institutions participated in the Green Finance Mapping (GFM) survey (23) and reported biodiversity commitments (8) in 2023.

Key findings

• IDFC members reported total green finance commitments of USD 199 billion in 2023. This represents a 31% decrease from a record year in 2022.

• In 2023, green finance represented approximately 19% of total new commitments reported by IDFC members. Since the 2015 signing of the Paris Agreement, green finance commitments have consistently represented approximately one-fifth of total IDFC investments.

• Climate finance—consisting of all activities related to the mitigation of greenhouse gas (GHG) emissions and adaptation to climate change—accounted for 98% of total green finance (or USD 196.4 billion), on par with the share observed in 2022.

• Mitigation finance continued to dominate, representing 89% of climate finance, approximately the same share as in 2022. Adaptation finance totaled USD 10.5 billion in 2023, following an unprecedented USD 32 billion in 2022.

• Finance to projects containing elements of both mitigation and adaptation, which has been increasing since 2019, nearly doubled in 2023, reaching USD 11 billion.

• Finance for biodiversity projects decreased by 55% in 2023, totaling USD 8.2 billion. Additionally, IDFC members reported USD 214 million in finance for other environmental objectives, including projects for circular economy or reducing pollution.

Learn more by visiting the IDFC website