The State of Climate Blended Finance 2025 explores the latest developments in mobilizing private capital for climate action.
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In 2024, climate blended finance reached US$15.5 billion across 84 deals, marking the second-highest total in six years despite not matching 2023 levels. The report highlights continued strength in private investor participation, with US$1.6 billion committed by institutional investors—well above pre-2023 averages—and ongoing dominance of mitigation-focused investments, which accounted for 56% of deals and 64% of total flows from 2019 to 2024.
The analysis also reveals a shift in regional dynamics: financing is increasingly concentrated in lower middle-income countries, while flows to least developed countries (LDCs) have declined. Structured in four parts—Scaling Climate Blended Finance after Seville, Market Overview, Climate Themes, and Private Investor Trends—the report offers a comprehensive look at the evolving climate finance landscape and the opportunities to scale investment for greater impact.
