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Climate finance peaked to USD 83 bn in 2020: OECD
By TII News Service
Jul 29, 2022 , Paris

    

 

AS per OECD latest analysis, climate finance provided and mobilised by developed countries for climate action in developing countries reached USD 83.3 billion in 2020. 

This is a further 4% increase from 2019 and followed a 1% increase from 2018 to 2019. However, it still falls short of the goal for developed countries to provide and mobilise USD 100 billion a year for developing countries by 2020. The increase in 2020 climate finance was primarily driven by a rise in public flows.

Aggregate Trends of Climate Finance Provided and Mobilised by Developed Countries in 2013-2020 is the OECD's fifth annual assessment of progress towards the UNFCCC goal. 

This year's Aggregate Trends of Climate Finance Report is being released earlier than in previous years in order to contribute to the UNFCCC Standing Committee on Finance Report, being prepared for COP27, on progress towards achieving the goal. 

"We know that more needs to be done. Climate finance grew between 2019 and 2020, but as we had expected, remained short of the increase needed to reach the USD 100 billion goal by 2020," OECD Secretary-General Mathias Cormann said. 

"While countries continue to grapple with the economic and social implications of the COVID-19 pandemic and Russia's war of aggression against Ukraine, we are seeing climate change causing widespread adverse impacts and related losses and damages to nature and people."

"Developed countries need to continue to ramp up their efforts in line with their stated commitments in the lead-up to COP26, which would mean the USD 100 billion goal would be reached from next year. This is critical to building trust as we continue to deepen our multilateral response to climate change."

 
 
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