OECD: Rich countries “likely” to hit $100bn climate finance goal in 2022

(Climate Home News, 17 Nov 2023) Rich countries “look likely” to have met a long-overdue goal to provide $100 billion a year in climate finance to vulnerable countries in 2022, two years later than promised.

The claim made by the Organisation for Economic Co-operation and Development (OECD), which carries out an annual assessment of the pledge, is based “on preliminary and as yet unverified data” that has not been made public.

Detailed figures have been made available for 2021, when developed nations gave $89.6 billion to developing countries – a slight increase from the amount of money provided the previous year.

“Symbolic” milestone

The figures pale in comparison with the trillions of dollars that vulnerable nations are estimated to need to cut emissions and better cope with the effects of climate change. But the “symbolic” $100 billion commitment, first made in 2009 in Copenhagen, has been a continuous source of diplomatic tensions since countries failed to hit the target by the 2020 deadline.

Germany’s climate minister Jennifer Morgan told reporters she hoped this sends “a reassuring signal to our partners”.

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Climate Home News, 17 Nov 2023: OECD: Rich countries “likely” to hit $100bn climate finance goal in 2022