OECD: Climate finance hits $136.7 bn in 2024, beating global goal for 3rd year

29 / 05 / 2026

By Marwa Nassar - -

Developed countries provided and mobilized $ 136.7 billion in climate finance for developing nations in 2024, exceeding the global $ 100 billion target for the third consecutive year, according to new OECD data. The total follows $ 132.8 billion recorded in 2023 and highlights continued growth in both private and adaptation finance, despite slower gains in support for low-income countries.

The figures extend a three-year streak of surpassing the $ 100 billion annual climate finance target agreed under the United Nations Framework Convention on Climate Change (UNFCCC). The target was first exceeded in 2022, when climate finance reached $ 115.9 billion.

The OECD report, Climate Finance Provided and Mobilized by Developed Countries in 2013-2024, tracks progress toward the commitment made in 2009 to mobilize $ 100 billion annually by 2020 to support developing countries in climate mitigation and adaptation efforts. The target was later extended through 2025.

Private finance sees strongest growth since 2016:

Mobilized private finance continued to rise in 2024, reaching $ 30.5 billion. The increase of $ 7.6 billion, or 33%, marked the largest annual jump since 2016, following a more modest 5% increase in 2023.

The growth was driven mainly by multilateral development banks through direct investment in companies, guarantees and syndicated loans.

OECD Secretary-General Mathias Cormann said the continued growth in climate finance reflected ongoing support for developing economies facing climate-related challenges.

“The $ 100 billion goal was exceeded for the third consecutive year in 2024, showing clear commitment to supporting developing economies to adapt to and mitigate climate change,” Cormann said.

Mitigation finance dominates funding:

Mitigation finance continued to represent nearly two-thirds of total climate finance provided to developing countries.

At the same time, adaptation finance — aimed at helping countries strengthen resilience against climate impacts — continued to grow, though at a slower pace. Adaptation finance accounted for one quarter of total climate finance in both 2023 and 2024, compared with one-third in 2020.

The OECD said meeting the commitment under the 2021 Glasgow Climate Pact to double adaptation finance by 2025 compared with 2019 levels would require an increase of more than $ 5 billion in 2025.

Low-income countries still receive smaller share:

The report showed climate finance remained concentrated in middle-income countries.

Support for low-income countries declined to $ 8.4 billion in 2023 before partially recovering to $ 9.6 billion in 2024. However, this remained below the peak level of $ 11.1 billion recorded in 2022.

Focus shifts to post-2025 climate finance framework:

The OECD said it will continue monitoring progress toward the $ 100 billion goal through 2025 and plans to release a final report in 2027.

Meanwhile, parties to the UNFCCC have adopted a New Collective Quantified Goal (NCQG) on climate finance covering the period from 2026 to 2035.

A first progress assessment by the UNFCCC Standing Committee on Finance is expected in 2028. The OECD-IEA Climate Change Expert Group said coordinated efforts over the next two years will be needed to strengthen tracking frameworks, improve data comparability and establish transparency arrangements for the new climate finance goal.