Canada announced Wednesday that wealthy countries have finally reached their goal of providing $100 billion US to help poorer countries both combat and adapt to climate change — two years behind schedule. Canada announced Wednesday that wealthy countries have finally reached their goal of providing $100 billion US to help poorer countries both combat and adapt to climate change — two years behind schedule.
The report shows that climate finance reached $115.9 billion US in 2022, up from $89.6 billion US in 2021. "I think this work that Canada and Germany has been doing has been instrumental in where we are now," Guilbeault said. The European Union and the 23 countries at COP15 committed to delivering on the money commitment by 2020. The $100-billion US target was formalized at a subsequent summit and the deadline was extended to 2025.
The OECD estimates that by 2025, developing countries will need around $1 trillion US annually for climate investments and financing. That figure is expected to increase to roughly $2.4 trillion US annually between 2026 and 2030.As Canada prepares for the next COP in Baku, Azerbaijan, in November, it and other countries will negotiate a new climate finance goal, called the new collective quantifiable goal.