The OECD reports that wealthy countries exceed the long-stated annual target of $100 billion for climate finance to developing nations for the third consecutive year. It says the additional funding supports efforts such as investing in renewable energy and helping countries adapt to worsening climate impacts. The OECD’s findings come as scrutiny grows over whether donor countries can meet a new, larger future pledge.
According to the OECD, developed nations had previously missed the commitment to mobilise $100 billion per year, with gaps continuing for years after the original 2020 deadline. The timeline was later extended to 2025, and the $100 billion goal was reportedly reached for the first time in 2022. The new data indicates that donors have now managed to sustain that level through 2023 and 2024.
Even with the apparent progress on the $100 billion figure, the OECD also flags uncertainty about meeting subsequent, higher targets. Overall, the reporting emphasizes both the milestone of surpassing the $100 billion goal and the ongoing question of future adequacy.
