This publication examines the relationship between multilateral development banks (MDBs) and national development finance institutions (DFIs) in mobilizing climate finance in Indonesia. It analyzes the roles of MDBs and national DFIs in financing climate-related projects and assesses their commitments and alignment with the Paris Agreement targets. Additionally, the paper explores how their collaboration can enhance private sector interest in financing climate projects in Indonesia. Key findings highlight the need for policy and regulatory certainty, capacity building for national DFIs, and a broader mandate for national DFIs to overcome challenges and enhance climate finance mobilization.