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Rich nations met US$100 billion climate finance goal two years late: OECD

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PARIS: Wealthy countries met their target of providing US$100 billion in annual climate aid to poorer countries for the first time in 2022 though two years later than promised, the OECD said on Wednesday (May 29).

A toll booth worker directing traffic takes shade under an umbrella on a hot summer afternoon in New Delhi on May 29, 2024, amid ongoing heatwave. PARIS: Wealthy countries met their target of providing US$100 billion in annual climate aid to poorer countries for the first time in 2022 though two years later than promised, the OECD said on Wednesday .

More than a decade later this target was finally met for the first time in 2022 with US$115.9 billion raised, the Organisation for Economic Co-operation and Development said. Most of the US$100 billion disbursed in 2022 went to climate action that limits the release of heat-trapped greenhouse gases, the OECD said, mainly in clean energy and transport improvements.

Many developing economies least to blame for the greenhouse gases that stoke global warming are among the most exposed to the costly and destructive effects of worsening weather extremes.Climate finance is a thorny issue at the annual UN climate talks and negotiators have been working this year to try and set a new goal to replace and go beyond the US$100 billion target.

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