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The G20 nations are discussing the possibility of getting the World Bank to provide climate finance to emerging economies or set up a dedicated multilateral finance institution for bridging the funding gap. The development comes amid concerns that developed countries haven’t provided adequate financial assistance to help developing countries make a rapid transition to clean energy without repeating the damage the advanced economies caused during their development process. The developing nations, including India, have accused advanced economies of not honouring their commitment to fund the massive transition. Countries such as the US are in favour of getting an existing multilateral agency, most likely the World Bank, to step in. In 2021, multilateral development banks (MDBs) provided around $51 billion (62% of overall MDB climate finance) in climate finance to low and middle-income economies. Of this total, more than $33 billion (65%) was for climate change mitigation and more than $17 billion (35%) for climate change adaptation. The amount of mobilised private finance stood at $13 billion. In addition, in 2021, MDBs provided more than $31 billion (38% of overall MDB climate finance) in climate finance to high income economies, with $29 billion (95%) for climate change mitigation and $1. 6 billion (5%) for climate change adaptation. The amount of mobilised private finance stood at $28 billion.