In 2014, developed countries mobilized US$62 billion in climate finance, according to a report by the Organisation for Economic Co-operation and Development (OECD) and Climate Policy Initiative (CPI).
The report was prepared in response to a request by the Peruvian and French governments, representing the current and incoming presidencies of the UN Framework Convention for Climate Change (UNFCCC) Conference of the Parties (COP).
7 October 2015: In 2014, developed countries mobilized US$62 billion in climate finance, according to a report by the Organisation for Economic Co-operation and Development (OECD) and the Climate Policy Initiative (CPI). The report was prepared in response to a request by the Peruvian and French Governments, respectively the current and incoming presidencies of the UN Framework Convention for Climate Change (UNFCCC) Conference of the Parties (COP).
The report, titled ‘Climate Finance in 2013-14 and the USD 100 Billion Goal,’ provides estimates for public and private finance mobilized by developed countries toward their commitment made in Cancun in 2010 to provide funds rising to US$100 billion per year by 2020 to support mitigation and adaptation actions by developing countries.
Total mobilized finance rose from US$52 billion in 2013 to US$62 billion in 2014, with public bilateral and multilateral finance accounting for 71% in the two-year period. Private finance represented 26% and export credits 3%. Of the average estimate, 77% was allocated to mitigation, 16% to adaptation and 7% to activities targeting both.
According to the OECD and CPI, the “figures reflect the recognisable progress made in tracking climate finance across all key data providers and institutions.” The organizations note that, while the report captures best available data, estimates for private climate finance should be considered as partial, stressing that the figures do not allow for drawing conclusions on the ability of public finance to mobilize private finance.
The report aims to increase transparency on progress towards the US$100 billion goal and builds on other international efforts to improve tracking, including by the UNFCCC Standing Committee on Finance (SCF). The methodology excludes finance relating to coal projects. The OECD and CPI note that, while “methodological approaches and data collection efforts to support estimates such as this one are improving,” significant work remains to be done “to arrive at more complete and accurate estimates.”
The report was launched by OECD Secretary-General Ángel Gurría during the 2015 annual meetings of the World Bank Group and International Monetary Fund (IMF), taking place Lima, Peru, from 9-11 October. [OECD Press Release] [OECD Publication Webpage] [Publication: Climate Finance in 2013-14 and the USD 100 Billion Goal]