A report from the OECD highlights that for the first time, developed countries delivered more than $100 billion in climate finance to developing countries in 2022. This equates to a 30% increase from 2021 and means that the $100 billion mark was reached a year earlier than projected. Climate finance to low-income countries remained low, but least developed countries (LDCs) and small island developing states (SIDS) received a larger amount of finance for adaptation. The report also shows that bilateral and multilateral public funds made up the bulk of climate finance. The news comes with the backdrop of ongoing discussions to set a new collective quantified goal on climate finance post-2025. In a press release, OECD Secretary-General Mathias Cormann said the following: “For the post-2025 period, the scope and design of the New Collective Quantified Goal on climate finance must be more comprehensive and effective than the existing goal by optimising the roles of different actors, finance sources, and policy incentives in order to address the scale and range of climate-related finance needs.”
