In 2022, developed countries exceeded their long-standing $100 billion annual climate finance goal, as reported by the Organisation for Economic Co-operation and Development (OECD).
This achievement marks a significant milestone in global climate efforts, aimed at assisting developing countries in mitigating and adapting to climate change impacts.
According to OECD data, developed countries provided and mobilised USD 115.9 billion in climate finance for developing countries in 2022, which is $26.3 billion more than in 2021, representing a 30% increase.
Public funds from both bilateral and multilateral channels continued to dominate, accounting for 80% of total climate finance.
A notable aspect of the 2022 data is the significant rise in private climate finance, which increased by 52% to reach a total of USD 21.9 billion, highlighting the growing importance of private investments in supporting climate action.
The commitment, initially set in 2009 to mobilise USD 100 billion annually by 2020, was extended through 2025. Exceeding this goal for the first time in 2022 and reaching levels not anticipated before 2025 is a significant achievement.
Discussions are underway to establish a New Collective Quantified Goal (NCQG) for the post-2025 period. “It will be important to sustain this level of elevated support through to 2025 while also increasing our ambition for the new post-2025 goal. Multilateral providers and the private sector will be key to further bridging the investment gap, notably in areas such as clean energy, agriculture, and resilience,” OECD Secretary-General Mathias Cormann commented.