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Industrialized countries meet $100B climate finance pledge, two years late

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The delay in fulfilling the pledge, which was made in 2009, generated resentment and doubts among developing nations.

pledge to provide at least $100 billionThe delay in fulfilling the pledge, which was made at the Copenhagen climate talks in 2009, generated resentment and doubts among developing nations regarding future climate funding promises.: According to a new OECD report, developed countries provided $115.9 billion in climate finance for developing nations in 2022, exceeding the $100 billion annual goal for the first time.

Hitting the $100 billion goal comes just as countries work to come up with a new climate finance target, known as the New Collective Quantified Goal, to be decided at COP29 in Baku, Azerbaijan, in November.$100 billion a year was always a paltry sum compared with what is needed to meet the Paris targets.

 

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