Developed countries have exceeded the UN climate ?nance target of $100 billion per year for the third year in a row, according to the latest data released by the OECD.
the report shows that climate ?nance provided and mobilized for developing countries reached $132.8 billion in 2023 and $136.7 billion in 2024, following $115.9 billion in 2022. Despite the overall increase, the OECD found that most funding continued to ?ow to middle-income countries, while support for low-income nations remained below its 2022 peak of $11.1 billion. Mitigation projects accounted for nearly two-thirds of total climate ?nance, while adaptation ?nance rose more slowly, making up about onequarter of ?ows in 2023 and 2024. Private ?nance also increased signi?cantly, reaching $30.5 billion in 2024-its largest annual rise in nearly a decade-driven mainly by multilateral development banks and private investment instruments.