Context

Since 2015, at the request of donor countries, the OECD has produced analyses 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 then extended through to 2025.

OECD analyses 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. OECD figures capture four distinct components of climate finance provided and mobilised by developed countries:

Bilateral public climate finance provided by developed countries’ institutions, notably bilateral aid agencies and development banks,
Multilateral public climate finance provided by multilateral development banks and multilateral climate funds, attributed to developed countries,
Climate-related officially supported export credits, provided by developed countries' official export credit agencies, and
Private finance mobilised by bilateral and multilateral public climate finance, attributed to developed countries.

Climate finance accounted for towards the USD 100 billion goal does not capture all finance for climate action in developing countries. Due to the geographical scope, the figures include neither developing countries' domestic public climate finance, nor bilateral public climate finance between developing countries, or multilateral and mobilised private climate finance attributable to developing countries themselves. Further, the figures presented include neither private finance resulting from public policy interventions, nor private finance invested in the absence of public interventions altogether. Additionally, while OECD reports relating to the USD 100 billion goal provide a list of countries categorised as providers or beneficiaries of climate finance respectively in this context, it is notable that “developed countries” is not a defined category under the Paris Agreement.

In November 2023, ahead of COP28, at the same time as releasing figures for 2021 (OECD, 2023[1]), the OECD indicated that, based on preliminary and as yet unverified data, the goal looked likely to have been met in 2022. The present report confirms that the goal was indeed reached in 2022, exceeding USD 100 billion for the first time and reaching a level that, according to OECD forward-looking scenarios, was not expected until 2025 (OECD, 2021[2]). As per decision 1/CP.21 at COP21 in 2015, developed countries intend to continue their collective mobilisation goal through to 2025, after which the New Collective Quantified Goal (NCQG) on climate finance is expected to be set based on the outcome of ongoing negotiations to be finalised at CMA6, during COP29 at the end of 2024.

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Disclaimers

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The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.

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