According to the OECD, developed countries provided $136.7 billion in climate finance to developing countries in 2024. This amount is up 3% from 2023. The target for this period was US$100 billion per year, but there is controversy on how it is calculated as the OECD counts some forms of finance that other organisations do not, and there is no UNFCCC definition of what counts as climate finance. As such while the target appears to have been met, not everyone would agree. There is typically a long lag in calculating amounts with numbers anticipated to dip for 2025 because of the withdrawal of US financial support. There will need to be a massive increase in finance to meet the new 2025 target of US$300 billion/year, with even that falling short of the trillions needed by developed countries to implement their NDCs.
