Wealthy Countries' Climate Finance Hit Record High in 2024, OECD Says
Public climate finance fell 2.6% to $101.6 billion, but private investment rose 33% as rich countries met the target again, the OECD said.
- On Thursday, the Organisation for Economic Co-operation and Development reported that wealthy nations provided a record $136.7 billion in 2024, exceeding the $100 billion climate finance goal for the third straight year.
- Public climate finance slipped 2.6 percent to $101.6 billion in 2024, but private sector contributions surged 33 percent to $30.5 billion, with loans comprising 67 percent of total funding.
- Calling the reliance on loans a "total scandal," Mohamed Adow, director of the Nairobi-based climate think tank Power Shift Africa, stated that countries least responsible for the climate crisis are forced to take on debt to survive.
- Turkish Climate Minister Murat Kurum, who will chair the COP31 summit, said Wednesday he would "hold donors accountable for the commitments they made under the $300 billion Baku finance goal."
- Data for 2025 may show a decline after President Donald Trump halted contributions to international climate funds, as Raphael Jachnik of the OECD warned the context "raises more fundamental questions" about future targets.
21 Articles
21 Articles
Rich nations topped $100B climate finance goal again in 2023, 2024: OECD
Read: 3 min Wealthy countries topped their $100 billion annual climate finance goal for poorer nations for the third straight year in 2024, the OECD said Thursday, but questions are growing over their ability to meet a new larger pledge. Developed nations had long fallen short of their commitment to mobilize $100 billion a year by 2020, finally hitting the target for the first time in 2022 after the deadline was extended to 2025. The money is ai…
Rich countries top $100b climate finance target
Wealthy countries topped their $100 billion annual climate finance goal for poorer nations for the third straight year in 2024, the OECD said Thursday, but questions are growing over their ability to meet a new larger pledge. Developed nations had long fallen short of their commitment to mobilise $100 billion a year by 2020, finally hitting the target for the first time in 2022 after the deadline was extended to 2025. The money is aimed at helpi…
But how long will this trend of aid to poor countries hold, given the current backwards?
The funding figures of rich countries for climate action in developing countries remain "obstinously low" and developed countries "responsibly defy their responsibilities", the Climate Action Network (CAN) reacted on Thursday to the publication of the OECD report on climate finance. ...
Not yet an index of a slump in climate finance, but until when? The OECD announced on Thursday an overshoot of the aid target of rich countries to poor countries for the third consecutive year, but uncertainty remains for the next few years.
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