Rich countries hit totemic $100B climate finance goal, two years late

By Karl Mathiesen | 05/30/2024 06:30 AM EDT

The failure to meet the pledge on time had becoming a major sticking point in climate negotiations, which will focus this year on setting a new, higher goal for climate aid for the years after 2025.

Rich countries met a long-standing commitment to deliver more than $100 billion in climate aid to developing countries for the first time in 2022, according to a new report from the Organisation for Economic Co-operation and Development.

Total climate finance from developed countries reached $115.9 billion in 2022, an unprecedented jump of more than $26 billion from the year before.

But the milestone comes two years later than the original target of 2020 agreed in 2009 at the U.N. climate talks in Copenhagen.


The commitment to climate finance reflects the fact that poorer countries have done little to cause climate change but have fewer resources to invest in cleaning up their economies or defending their populations from the dangerous impacts of warming.