Rich nations meet $100bn climate finance goal – two years late

In 2022, developed countries contributed nearly $116 billion in climate finance, marking a significant milestone in fulfilling a longstanding commitment. However, experts and activists have raised questions regarding how this target was achieved.

After a delay of two years, rich nations successfully met their pledge to allocate $100 billion annually in climate finance to support developing nations. This achievement, although belated, is crucial, as it addresses concerns raised in UN climate talks and helps alleviate distrust between affluent governments and poorer countries struggling to finance their transition to cleaner energy and adapt to escalating climate change impacts.

According to recent data from the Organisation for Economic Co-operation and Development (OECD), developed nations provided and mobilized $115.9 billion in climate finance for developing countries in 2022, representing a notable increase from the $89.6 billion reported in 2021.

Mathias Cormann, Secretary-General of the OECD and former Australian finance minister, hailed the surpassing of the annual commitment as an “important and symbolic achievement,” emphasizing its role in rebuilding trust. The year-on-year increase of approximately 30% marks the largest surge to date, primarily fueled by substantial funding boosts from multilateral development banks, which contributed $50.6 billion, alongside contributions from individual governments and private finance, mobilized through the use of public funds to mitigate investment risks.

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