OECD contributions to assessments of progress on mobilising and aligning finance with climate goals

As the world heads into a landmark COP30 climate summit, the OECD remains committed to tracking the continued achievement of the USD 100 billion climate finance goal through 2025, to contributing to future monitoring of the New Collective Quantified Goal on Climate Finance, and to assessing progress towards the broader climate alignment of the financial system.

Achieving net-zero greenhouse gas emissions and strengthening resilience to climate change depends on mobilising finance at scale and on aligning all financial flows with these goals. To be effective, public interventions and private sector actions require robust assessments of progress.

Since 2015, at the request of donor countries, the OECD has tracked progress towards the climate finance goal set under the UNFCCC for developed countries to mobilise USD 100 billion annually for climate action in developing countries. This goal was initially to be reached by 2020 and was then extended through to 2025.

OECD analysis released in 2024 showed that the goal was exceeded for the first time in 2022, with USD 115.9 billion provided and mobilised by developed countries for climate action in developing countries. Based on preliminary data and analysis, the goal is likely to have also been met in 2023, at a level similar to 2022.

The OECD will publish its next report on the USD 100 billion goal mid-2026. The report will cover climate finance provided and mobilised in 2023 and 2024. It will also provide an update on progress towards doubling adaptation finance from 2019 levels by 2025, as called for by the UNFCCC COP26 Glasgow Climate Pact. The figures for 2025 will be available in 2027.

Moving beyond the USD 100 billion goal, last year at UNFCCC COP29, Parties adopted a New Collective Quantified Goal (NCQG) on climate finance. The decision includes a call to scale up financing to developing countries for climate action from all sources to at least USD 1.3 trillion annually by 2035, and a goal, led by developed country Parties, to mobilise at least USD 300 billion per year by 2035.

New analysis by the OECD-IEA Climate Change Expert Group highlights the importance of enhancing the shared understanding of the NCQG’s scope to support credible monitoring and effective implementation, including through the Baku to Belém Roadmap.

Co-ordinated efforts are needed over the next two years to foster a robust framework for tracking progress, improve the availability and comparability of data, and establish corresponding transparency arrangements. Tracking the USD 300 billion goal will require activity-level data to avoid double counting and allow granular analyses, while assessing progress towards the USD 1.3 trillion call could rely on more aggregate indicators to capture trends. Monitoring improvements in the quality and effectiveness of climate finance, including aspects related to access, country ownership and debt sustainability will also be essential.

The UNFCCC’s Standing Committee on Finance has a mandate to prepare biennial reports on collective progress towards all elements of the NCQG decision, starting in 2028. Building on its long-standing experience in tracking and analysing climate finance, and in providing platforms for dialogue and knowledge exchange, the OECD stands ready to contribute to preparatory work as well as to future assessments.

Article 2.1c of the 2015 Paris Agreement sets a goal of making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. It highlights that climate action, at global and national levels, requires not only scaling up climate finance, but also redirecting mainstream finance towards transition opportunities and away from activities that undermine resilience to climate change.

The OECD Review on Aligning Finance with Climate Goals, released last year ahead of UNFCCC COP29, indicates that the overall alignment of financial flows and stocks with climate change mitigation goals remains low. Clean energy accounted for just 6% of global real-economy investments; renewable electricity represented under 4% of global listed corporate equity; and green bonds were under 5% of all outstanding corporate bonds. However, evidence remains partial, as data availability and methodologies need to be further improved to allow more comprehensive assessments across economic sectors and asset classes.

Real-economy policies, such as fiscal measures and incentives, are fundamental to increasing the climate alignment of finance. The OECD Review highlights that financial sector policies also play a role, especially as they increasingly integrate climate-related considerations, mainly in the form of transparency and information policies. More empirical research can help to better understand the effects of such policies on climate goals.

The second edition of the OECD Review on Aligning Finance with Climate Goals will also be published mid-2026. It will provide updated data and insights on financial flows and stocks as well as on climate-related financial sector policies and their effects, at global level and for selected country case studies.

• Download Climate Finance Provided and Mobilised by Developed Countries in 2013-2022 (released in May 2024).
• Download Unpacking the USD 300 billion goal and the USD 1.3 trillion scale up call in the NCQG (released in October 2025) and register to join the related OECD virtual event.
• Download OECD Review on Aligning Finance with Climate Goals (released in October 2024)

For further information journalists are invited to contact the OECD Media Office (news.contact@oecd.org, +33 1 45 24 97 00).