Since 2015, at the request of donor countries, the OECD has produced regular analyses1 of progress towards the goal set under the United Nations Framework Convention on Climate Change (UNFCCC) for developed countries to mobilise USD 100 billion annually for climate action in developing countries, in the context of meaningful mitigation action and transparency on implementation. This goal was initially set to be reached by 2020 and was then extended through to 2025.
Analyses by the OECD Secretariat are based on best-available data and a robust accounting framework, consistent with the outcome of the first meeting of the Parties to the Paris Agreement (CMA1) regarding funding sources and financial instruments related to reporting of information on financial resources provided and mobilised through public interventions. Figures produced by the OECD to track progress towards the USD 100 billion goal focus on climate finance provided and mobilised by developed countries and, as such, do not capture all finance for climate action in developing countries. The present report includes a dedicated chapter that details the scope, data sources and methods.
The preceding OECD report, published in May 2024, showed that the goal was reached in 2022, exceeding USD 100 billion for the first time (OECD, 2024[1]), reaching a level that had not been expected until 2025 according to earlier OECD forward-looking scenarios (OECD, 2021[2]). While the goal expired at the end of 2025, tracking its annual fulfilment through to 2025 is important for transparency and accountability, as well as to identify lessons learned to contribute to informing the next stages in mobilising and scaling up climate finance. The present report adds figures for 2023 and 2024 to the previously published time series and, in doing so, confirms that the goal was met during those two years. Data needed to track and produce figures for 2025 will not be available before 2027 at the earliest.
Moving beyond the USD 100 billion goal, in November 2024 at COP29, Parties to the UNFCCC adopted a New Collective Quantified Goal (NCQG) on climate finance, for the period 2026-2035. The decision includes a call on all actors to work together to enable the scaling up of financing to developing countries for climate action from all sources to at least USD 1.3 trillion annually by 2035, and a goal, with developed country Parties taking the lead, of at least USD 300 billion per year by 2035. 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. Work conducted in 2025 under the OECD-IEA Climate Change Expert Group highlights the importance of co-ordinated efforts over the next two years to foster a robust tracking framework, improve the availability and comparability of data, and establish transparency arrangements (Falduto and Jachnik, 2025[3]). 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 this process.