Rich nations topped $100b climate finance goal again in 2023, 2024: OECD

PARIS, France, May 21 (AFP): Wealthy countries topped their $100 billion annual climate finance goal for poorer nations for the third straight year in 2024, the OECD said Thursday, but questions are growing over their ability to meet a new larger pledge.

Developed nations had long fallen short of their commitment to mobilise $100 billion a year by 2020, finally hitting the target for the first time in 2022 after the deadline was extended to 2025.The money is aimed at helping developing countries, which are least responsible for global warming, invest in renewable energy and cope with the worsening impacts of climate change.

After providing $115.9 billion in 2022, wealthy countries sharply raised their contribution to $132.8 billion in 2023, according to the Organisation for Economic Cooperation and Development, which tracks the figures.

It increased slightly in 2024 to $136.7 billion.

Climate finance can come from governments in the form of bilateral aid, multinational development lenders like the World Bank, or the private sector.

Public climate finance slipped 2.6 percent to $101.6 billion in 2024 but private sector contributions surged 33 percent to $30.5 billion.