Climate Finance Provided and Mobilised by Developed Countries: Results for 2023 and 2024
By Andressa Lima (CFC-GS/UFPA) International climate finance for developing countries continued to grow in 2024. According to the report Climate Finance Provided and Mobilised by Developed Countries in 2013-2024, published in 2026 by the Organisation for Economic Co-operation and Development (OECD), developed countries provided and mobilised USD 136.7 billion for climate action in developing countries in the latest year covered by the analysis. The report is part of the Climate Finance and the USD 100 Billion Goal series and continues the monitoring carried out by the OECD since 2015, at the request of donor countries, on progress towards the commitment established under the United Nations Framework Convention on Climate Change (UNFCCC). Under this commitment, developed countries were expected to collectively mobilise USD 100 billion per year to support climate action in developing countries, in the context of meaningful mitigation action and transparency on implementation. The goal was originally intended to be reached by 2020 and was subsequently extended through 2025. The 2026 edition adds data for 2023 and 2024 to the historical series, making it possible to examine not only changes in the total volume of finance, but also its composition, the financial instruments used, the distribution between mitigation and adaptation, the mobilisation of private finance, and the profile of recipient countries. It is important to consider the scope of these figures. The OECD itself emphasises that they do not represent all finance for climate action in developing countries. The methodology covers four components: bilateral public climate finance; multilateral public climate finance attributable to developed countries; climate-related officially supported export credits; and private finance mobilised by public interventions. It does not include, for example, developing countries’ domestic public climate finance or private investment undertaken without an associated public intervention. Climate finance in 2023 and 2024 One of the main findings of the report is that climate finance remained above the annual USD 100 billion goal. After reaching USD 115.9 billion in 2022, the first year in which the commitment was met, the total increased to USD 132.8 billion in 2023 and reached USD 136.7 billion in 2024. The trajectory is significant when viewed over the period covered by the report. In 2013, the first year of the OECD series, recorded climate finance amounted to USD 52.4 billion. By 2021, it had reached USD 89.6 billion. From 2022 onwards, annual volumes exceeded USD 100 billion, although the goal was achieved two years after its original target date. Figure 1. Climate finance provided and mobilised in 2013-2024 (USD billion). Source: OECD (2026), based on Biennial Reports to the UNFCCC, OECD DAC and Export Credit Group statistics, and complementary reporting to the OECD. The composition of climate finance Figure 1 also illustrates the composition of these resources. Bilateral and multilateral public climate finance continued to account for approximately three-quarters of the total in 2023 and 2024. In 2024, multilateral public climate finance attributable to developed countries reached USD 57.7 billion, up from USD 54.1 billion in 2023. Bilateral public climate finance, meanwhile, declined from USD 50.2 billion in 2023 to USD 43.9 billion in 2024. Combined, bilateral and multilateral public flows amounted to USD 101.6 billion in 2024, slightly below the USD 104.3 billion recorded in 2023. Climate-related officially supported export credits, which represent a smaller share of the total, decreased from USD 5.6 billion to USD 4.6 billion. Thus, although total climate finance increased between 2023 and 2024, this growth was not evenly distributed across its different components. Growth in mobilised private finance One of the main changes between 2023 and 2024 concerned private finance mobilised by public interventions. The amount increased from USD 22.9 billion to USD 30.5 billion, representing growth of approximately 33% and the largest annual increase in this component since the beginning of the comparable series in 2016. Multilateral development banks played an important role in this increase. Private finance mobilised by these institutions and attributed to developed countries rose from USD 14.3 billion in 2023 to USD 17.4 billion in 2024. For multilateral climate funds, the amount more than doubled between the two years, reaching USD 4.5 billion. The report also draws attention to the concentration of mobilised private finance in a relatively small number of large transactions. The 20 largest projects in 2023 and 2024 accounted for close to one-quarter of private climate finance mobilised in those years. Aggregate figures can therefore be significantly affected by the timing and scale of large transactions. The distribution across country income groups is also uneven. Between 2016 and 2024, 66% of mobilised private finance was concentrated in middle-income countries, while low-income countries accounted for only 3%. The evolution of adaptation finance Finance for adaptation reached USD 33.6 billion in 2023 and USD 34.7 billion in 2024. Despite growth over the historical series, the recent increase was relatively modest, at approximately USD 1 billion per year between 2022 and 2024. More than 90% of adaptation finance in 2023 and 2024 continued to come from public sources. Mobilised private finance for adaptation stood at approximately USD 3 billion in both years. Figure 2. Adaptation finance provided and mobilised in 2016-2024 per component (USD billion). Source: OECD (2026), based on Biennial Reports to the UNFCCC, OECD DAC and Export Credit Group statistics, and complementary reporting to the OECD. These figures are particularly relevant in light of the Glasgow Climate Pact’s call for developed countries to at least double their collective provision of adaptation finance by 2025 compared with 2019 levels. Using the public finance figures tracked by the OECD as the baseline, an additional increase of USD 5.8 billion, or 18%, would be required in 2025 to achieve this doubling. In terms of the overall thematic composition, adaptation accounted for approximately 25% of climate finance in both 2023 and 2024. Mitigation continued to represent the largest share, reaching USD 87.3 billion in 2023 and USD 86.9 billion in 2024. Cross-cutting activities addressing both mitigation and adaptation increased from USD 11.9 billion to USD 15.1 billion. Public climate finance instruments Loans remain
