Climate finance has continued to grow with developed countries providing and mobilising USD 132.8 billion in climate finance for developing countries in 2023 and USD 136.7 billion in 2024, according to new OECD data.
The latest report, Climate Finance Provided and Mobilised by Developed Countries in 2013-2024, shows that the USD 100 billion goal—already exceeded in 2022 with USD 115.9 billion—was surpassed again in both 2023 and 2024 by a growing margin.
Since 2015, the OECD has tracked progress towards the goal agreed under the United Nations Framework Convention on Climate Change (UNFCCC) in 2009 to mobilise USD 100 billion per year by 2020 to help developing countries mitigate and adapt to climate change, which was subsequently extended to 2025.
“The USD 100 billion goal was exceeded for the third consecutive year in 2024, showing clear commitment to supporting developing economies to adapt to and mitigate climate change,” OECD Secretary-General Mathias Cormann said. “Both mobilised private finance and adaptation finance rose, which are key for developing countries to meet their climate objectives.”
Mitigation finance continued to account for the majority of climate finance provided for developing countries, at nearly two thirds of the total.
Mobilised private finance - primarily through direct investment in companies, guarantees and syndicated loans - continued its upward trajectory reaching USD 30.5 billion in 2024. This represents the largest annual growth since 2016 with an increase of USD 7.6 billion (33%), up from more modest growth in 2023 of USD 1 billion (5%). The growth was driven primarily by multilateral development banks (MDBs) and remains a key component of efforts to scale up climate finance for developing countries.
Adaptation finance, which helps developing countries to build resilience to the impacts of climate change, continued to grow but at a slower pace. The report shows that adaptation finance accounted for one quarter of the total in both 2023 and 2024, down from a peak of one-third in 2020. Doubling adaptation finance by 2025 compared to 2019 levels, as set out in the 2021 Glasgow Climate Pact, will require adaptation finance provided by developed countries to have increased by more than USD 5 billion in 2025.
Climate finance remained concentrated in middle-income countries, while support for low-income countries declined to USD 8.4 billion in 2023 and recovered only partially to USD 9.6 billion in 2024, remaining below its peak of 11.1 USD billion in 2022.
The OECD will continue tracking the achievement of the USD 100 billion goal through 2025 and intends to publish a final report in 2027.
Parties to the UNFCCC adopted a New Collective Quantified Goal (NCQG) on climate finance for the period 2026-2035, with a first progress assessment by the UNFCCC Standing Committee on Finance due in 2028. As highlighted in analysis by the OECD-IEA Climate Change Expert Group, co-ordinated efforts are needed over the next two years to prepare a robust framework for tracking progress, improve the availability and comparability of data, and establish corresponding transparency arrangements.
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