Context

At the 15th Conference of Parties (COP15) of the UNFCCC in Copenhagen in 2009, developed countries committed to a collective goal of mobilising USD 100 billion per year by 2020 for climate action in developing countries, in the context of meaningful mitigation actions and transparency on implementation (UNFCCC, 2009[1]). The goal was formalised in the Cancun Agreements adopted at COP16 (UNFCCC, 2010[2]). At COP21 in Paris, the annual USD 100 billion goal was extended to 2025 (UNFCCC, 2015[3]).

Since 2015, at the request of donor countries, the OECD has produced analyses of progress towards this goal 1. These analyses are based on best-available data and a robust accounting framework, consistent with the outcome of COP24 agreed to by all Parties to the Paris Agreement as regards the funding sources and financial instruments related to reporting of information on financial resources provided and mobilised through public interventions (UNFCCC, 2019[4]).

OECD figures capture four distinct components of climate finance provided and mobilised by developed countries: (i) Bilateral public climate finance provided by developed countries’ bilateral agencies and development banks; (ii) Multilateral public climate finance provided by multilateral development banks and multilateral climate funds, attributed to developed countries; (iii) Climate-related officially supported export credits, provided by developed countries' official export credit agencies, and (iv) Private finance mobilised by bilateral and multilateral public climate finance, attributed to developed countries.

As such, the climate finance figures presented in this report do not capture all finance for climate action in developing countries. Due to the geographical scope of the USD 100 billion goal, the figures include neither developing countries' domestic public climate finance, nor bilateral public climate finance between developing countries (so-called South-South cooperation), or multilateral and mobilised private climate finance attributable to developing countries. Further, the figures do not include either private finance catalysed by public policy interventions, for which there is no measurement methodology, or private finance invested in the absence of public interventions.

In 2022, the OECD published a first report “Aggregate Trends of Climate Finance Provided and Mobilised by Developed Countries in 2013-2020”, which adds figures for 2020 to the previously published 2013-2019 time series, thereby providing an aggregate-level assessment against the initial target year of the goal (OECD, 2022[5]). The present report provides complementary analysis and insights by further exploring key trends within individual climate finance components as well as the distribution and concentration of climate finance provided and mobilised across different developing country characteristics and groupings. This report also considers questions relating to enabling environments, impacts and effectiveness of climate finance, as well as to meaningful mitigation action and transparency on implementation.

The report was jointly prepared by the OECD’s Environment and Development Co-operation Directorates. It also benefited from dedicated 2020 data inputs by the OECD Trade and Agriculture Directorate (for the majority of export credits) as well as donor countries (provision of 2019-2020 bilateral public climate finance in advance of UNFCCC reporting, delayed to later in 2022).

← 1. See OECD book series “Climate Finance and the USD 100 Billion Goal”, at https://doi.org/10.1787/5f1f4182-en

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