Note: Single-source report; awaiting corroboration.
The Organisation for Economic Co-operation and Development (OECD) reported that in 2022, developed countries provided and mobilised a total of USD 115.9 billion in climate finance for developing countries, surpassing the annual USD 100 billion goal for the first time. This milestone was reached two years after the original 2020 target, but earlier than projected before COP26.
Public climate finance, including bilateral and multilateral funding attributable to developed countries, accounted for nearly 80% of the total in 2022. This amount increased from USD 38 billion in 2013 to USD 91.6 billion in 2022. Adaptation finance reached USD 32.4 billion—triple the 2016 amount—while mitigation finance remained the majority, representing 60% of total climate finance disbursed.
Private finance mobilised by public climate finance grew by 52% in 2022 following years of limited change. The OECD highlights the need to advance both net-zero emissions targets and resilience among people, economies, and ecosystems in the face of climate change.
The OECD continues to track and analyse climate finance trends to support scaling adaptation finance and mobilising private sector investment. This contributes to the implementation of the New Collective Quantified Goal on Climate Finance agreed at UNFCCC COP29, aiming for a transparent and effective climate finance framework beyond 2025.
Global financing needs for mitigating climate change are estimated at USD 5 trillion annually until 2030, with developing economies requiring USD 2.4 trillion a year. The OECD notes that meeting emission reduction goals aligned with a 1.5°C target requires accelerating private investment in climate-friendly and sustainable pathways, along with increased public finance commitments.