The OECD has released its seventh assessment of progress towards the UNFCCC goal of mobilising USD 100 billion in climate finance annually by 2020 to help developing countries mitigate and adapt to climate change.
The Climate Finance Provided and Mobilised by Developed Countries in 2013-2022 report found that in 2022, developed countries provided and mobilised USD 115.9 billion for developing countries.
However, while this exceeded the annual USD 100 billion goal for the first time, it came two years later than the original 2020 target year.
Further, although $115.9 billion was raised, up from $89.6 billion in 2021, this is far off the trillions developing countries require.
According to the OECD, adaptation finance reached USD 32.4 billion in 2022, three times the 2016 level. Mitigation accounted for the majority, representing 60 per cent of the total.
Public climate finance (bilateral and multilateral attributable to developed countries) accounted for close to 80 per cent of the total. Meanwhile, private finance mobilised by public climate finance grew by 52 per cent.
Meanwhile, the OECD noted that climate-related export credits remained small and volatile in volumes – their share in the total was small throughout the observed period.
Read the full report here.