Developed countries have exceeded the USD 100 billion annual climate finance target for the third consecutive year, providing and mobilising USD 132.8 billion in 2023 and USD 136.7 billion in 2024, according to the latest data from the Organisation for Economic Co-operation and Development (OECD).
The findings confirm that the long-standing UN climate finance goal, originally agreed under the UN Framework Convention on Climate Change (UNFCCC), continues to be surpassed by a widening margin, following an earlier achievement of USD 115.9 billion in 2022. The target was initially set to mobilise USD 100 billion per year by 2020, later extended to 2025.
OECD analysis shows that mitigation finance accounted for nearly two-thirds of total climate finance provided to developing countries, highlighting a continued emphasis on emissions reduction projects. At the same time, adaptation finance, which supports resilience to climate impacts, accounted for about one-quarter of total flows in 2023 and 2024.
A key driver of growth has been mobilised private finance, which reached USD 30.5 billion in 2024. This represents the strongest annual increase since 2016, driven largely by multilateral development banks through tools such as guarantees, syndicated loans, and direct investments in climate-related projects.
However, the report also highlights uneven distribution of funding. While climate finance continues to flow strongly to middle-income countries, support for low-income countries remains comparatively limited, recovering only partially in 2024 after a peak in 2022.
OECD Secretary-General Mathias Cormann noted that sustained increases in both adaptation finance and private sector mobilisation reflect growing global commitment to supporting developing economies in addressing climate change. He also stressed the importance of continued progress in scaling financial flows to meet future climate goals.
Looking ahead, countries have adopted a new climate finance framework covering 2026 to 2035, with further progress assessments expected in the coming years. The OECD will continue monitoring climate finance flows through 2025, with a final comprehensive report scheduled for 2027.
Experts say the latest figures underscore both progress in global climate financing and the ongoing challenge of ensuring equitable distribution and sufficient support for countries most vulnerable to climate impacts.
