The Organisation for Economic Co-operation and Development (OECD) has published its latest data on climate finance. The data reveal that developed countries surpassed the UNFCCC’s collective climate finance goal of USD 100 billion per year for three consecutive years. Having exceeded the goal in 2022 with USD 115.9 billion, developed countries provided and mobilized USD 132.8 billion in climate finance for developing countries in 2023 and USD 136.7 billion in 2024.

Titled, ‘Climate Finance Provided and Mobilised by Developed Countries in 2013-2024,’ the report tracks progress towards the USD 100 billion annual climate finance goal, initially set for 2020 – and later extended to 2025.

According to the data, mitigation finance accounted for nearly two-thirds of the total climate finance provided for developing countries. Adaptation finance also continued to rise, but at a slower pace, accounting for one-quarter of the total in both 2023 and 2024. This is down from a peak of one-third in 2020. The report finds that to double adaptation finance by 2025 compared to 2019 levels, as agreed in the 2021 Glasgow Climate Pact, developed countries will need to have increased funding flows to adaptation by over USD 5 billion in 2025.

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The report further shows that private finance – mobilized mainly through direct investment in companies, guarantees, and syndicated loans – continued to climb, reaching USD 30.5 billion in 2024 – an increase of USD 7.6 billion (33%) year on year. According to the findings, this is the largest annual growth since 2016, attributable primarily to multilateral development banks (MDBs).

The report reveals that the bulk of climate finance continued to flow to middle-income countries (MICs). Having declined to USD 8.4 billion in 2023 and recovered – only partially – to USD 9.6 billion in 2024, support for low-income countries (LICs) remained below its highest level of 11.1 USD billion in 2022.

The OECD’s final report on tracking the achievement of the USD 100 billion goal through 2025 is expected in 2027.

In 2024, at the UN Climate Change Conference in Baku, Azerbaijan, countries adopted a New Collective Quantified Goal (NCQG) on climate finance for the period 2026-2035. The UNFCCC Standing Committee on Finance is due to prepare its first report on progress towards that goal in 2028.

The OECD published its latest data on climate finance on 21 May 2026. [Publication: Climate Finance Provided and Mobilised by Developed Countries in 2013-2024] [Publication Landing Page] [OECD Press Release]