OECD: Climate finance provided and mobilized by developed countries will reach the US$100 billion target by 2023

The Organization for Economic Co-operation and Development (OECD) indicated on Monday that climate finance provided and mobilized by developed countries for climate action in developing countries will reach $100 billion in 2023.

The annual target for developed countries to provide and mobilize $100 billion in climate finance per year for climate action in developing countries was to be met by 2020 and to continue through 2025.

The latest OECD Progress Assessment, released in September, showed that climate finance provided and mobilized by developed countries amounted to $79.6 billion in 2019, just 2% more than in 2018. It is unlikely to come true. In 2020, though, the verified data needed to finalize this decision will not be officially available until 2022.

At the July ministerial meeting to prepare for COP26, Canada and Germany, at the request of the incoming COP26 Presidency in the United Kingdom, agreed to develop a collective delivery plan to achieve the target as soon as possible. The Organization for Economic Co-operation and Development has been requested to provide technical support for this implementation plan.

Since that meeting and the release of 2019 OECD figures in September, more commitments have been made to increase public bilateral climate financing by an average of US$10 billion per year over the 2022-2025 period than over the period. donors. . This is in addition to commitments made in 2020 and earlier in 2021 by other countries and increased expectations for future climate finance from multilateral development banks.

with information from press release

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