Developed countries have exceeded the UN climate finance target of $100 billion per year for the third year in a row, according to the latest data released by the OECD.
The report shows that climate finance provided and mobilized for developing countries reached $132.8 billion in 2023 and $136.7 billion in 2024, following $115.9 billion in 2022.
Despite the overall increase, the OECD found that most funding continued to flow to middle-income countries, while support for low-income nations remained below its 2022 peak of $11.1 billion.
Mitigation projects accounted for nearly two-thirds of total climate finance, while adaptation finance rose more slowly, making up about one-quarter of flows in 2023 and 2024.
Private finance also increased significantly, reaching $30.5 billion in 2024—its largest annual rise in nearly a decade—driven mainly by multilateral development banks and private investment instruments.
A full assessment of progress toward the $100 billion target through 2025 is expected in 2027.
