Rich nations met $100bn climate finance goal two years late
Wealthy countries finally met their target of providing $100 billion in annual climate aid to poorer countries for the first time in 2022 – two years behind schedule, the OECD said on Wednesday.
The pledge to help developing nations cut emissions and adapt to climate change was first made at the Copenhagen summit in 2009.
Developed nations promised to raise $100 billion a year by 2020 to help low-income countries invest in clean energy and cope with the worsening impacts of climate change.
The goal proved to be a flashpoint in global negotiations, used as evidence of inaction and indifference on the part of rich nations.
Climate finance can come from governments in the form of bilateral aid, multinational development lenders like the World Bank, or the private sector.
While it was unsure the promise had been kept, numbers verified by the Organisation for Economic Cooperation and Development confirmed the $100 billion had been surpassed.
They provided just under $116 billion in 2022.
The OECD report comes as nations race to set a more ambitious goal by the Cop29 climate conference November.
The gas-rich hosts Azerbaijan have made the matter a priority and hope to agree an ambitious deal on climate finance.
The world's top 20 economies have contributed more than 80 percent of the greenhouse gases behind climate change.
(with newswires)
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