Developed countries provided and mobilized a record US$136.7 billion in climate finance for developing countries in 2024, exceeding the $100 billion annual target for the third consecutive year, according to a new report by the Organisation for Economic Co-operation and Development.
It found climate finance increased from $132.8 billion in 2023 and $115.9 billion in 2022, the first year the target was met.
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Private climate finance mobilized by developed countries reached $30.5 billion in 2024, while public climate finance totalled $106.2 billion. According to the OECD, mitigation projects accounted for 63 per cent of total climate finance, while adaptation projects represented 25 per cent.
“Exceeding the $100 billion goal for the third consecutive year demonstrates continued commitment to supporting developing countries in addressing climate change,” said Mathias Cormann, secretary-general at the OECD, in a press release.
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