Developed countries achieved their pledge to provide $100-billion to help poorer countries cope with climate change in 2022, the OECD said on Wednesday, confirming the target was met two years late.
They provided $115.9-billion in climate finance in 2022, meeting the goal for the first time, the Organisation for Economic Co-operation and Development said in a report. The total also includes private finance mobilized by public funds. But the missing $100-billion has become politically symbolic, stoking mistrust between nations at recent UN climate talks, as some developing countries argue they cannot agree to curb CO2 emissions faster if the world’s economic powers do not deliver promised financial support.
The majority – 69 per cent – of the $91-billion in public climate finance provided in 2022 was loans. That has prompted criticism from some climate-vulnerable countries, who say this exacerbates debt burdens.