PARIS - On 17 September, the OECD released its fourth assessment of progress towards the UNFCCC goal of mobilising $100 billion per year by 2020 to help developing countries tackle and adapt to climate change.
The figures show that climate finance continued to grow in 2019 but developed countries remain $20 billion short of meeting the 2020 goal of mobilising $100 billion.
Climate finance provided and mobilised by developed countries for developing countries totalled $79.6 billion in 2019, up 2% from $78.3 billion in 2018.
The small increase was driven by a rise in public climate finance provided by multilateral institutions, while bilateral public climate finance commitments dropped, as did climate finance mobilised from private sources.
Statement from OECD Secretary-General Mathias Cormann on climate finance in 2019”
“The limited progress in overall climate finance volumes between 2018 and 2019 is disappointing, particularly ahead of COP26. While appropriately verified data for 2020 will not be available until early next year it is clear that climate finance will remain well short of its target. More needs to be done. We know that donor countries recognise this, with Canada and Germany now taking forward a delivery plan for mobilising the additional finance required to reach the USD 100bn a year goal.”
