PARIS, May 21, 2026 — Developed countries exceeded their annual $100 billion climate finance commitment to developing nations for the third consecutive year in 2024, according to the Organisation for Economic Cooperation and Development (OECD). Report BSS/AFP
The OECD reported that climate finance reached $136.7 billion in 2024, up slightly from $132.8 billion in 2023 and $115.9 billion in 2022 — the first year the long-delayed target was achieved.
The funding is intended to help developing countries invest in renewable energy, climate adaptation, and resilience against worsening climate impacts.
Public climate finance fell by 2.6 percent to $101.6 billion in 2024, while private sector contributions rose sharply by 33 percent to $30.5 billion.
The OECD noted that complete data for 2025, the final year of the current pledge, will not be available before 2027.
Climate finance remains a contentious issue in global climate negotiations, with developing countries arguing that wealthy nations have been slow to fulfil their commitments.
At the COP29 climate summit in Azerbaijan in 2024, developed countries pledged a new target of providing $300 billion annually by 2035, though many developing nations consider the amount insufficient.
OECD officials said global economic and political uncertainties could affect future climate financing efforts, particularly following cuts to US climate diplomacy and foreign aid programs under President Donald Trump and growing fiscal pressures in Europe.
Asia received the largest share of climate finance in 2024 at 36 percent, followed by Africa with 31 percent.
Most public climate finance continued to come in the form of loans rather than grants, prompting criticism from developing countries and climate advocates who argue that loans increase debt burdens for vulnerable nations.
