Reaching the $100 Billion Climate Finance Goal is Just the Beginning, UN Report Says
The latest report from the United Nations, titled "The Sustainable Development Goals Report 2024", highlights the significant challenges the world faces in making substantial progress towards achieving the Sustainable Development Goals (SDGs) based on the latest data and estimates.
In terms of climate action, climate finance is essential to support global mitigation and adaptation efforts. Developed countries have committed to mobilizing $100 billion per year for climate finance in developing countries by 2020 and through 2025.
According to the Organisation for Economic Co-operation and Development (OECD), this commitment was reached for the first time in 2022. Climate finance increased by 30% compared to 2021, reaching $115.9 billion in 2022, with 60% of the total allocated to mitigation.
Total adaptation finance has grown from $10.1 billion in 2016 to $32.4 billion. The Glasgow Climate Pact of 2021 urged developed countries to double adaptation finance for developing countries by 2025 compared to 2019 levels. According to OECD figures, developed countries were roughly halfway towards this goal in 2022.
Negotiations are underway to establish a new climate finance goal starting from 2025, with a minimum of $100 billion per year, taking into account the needs and priorities of developing countries.
The United Nations Framework Convention on Climate Change (UNFCCC) estimates that around $6,000 billion is needed for developing countries' climate action plans by 2030, highlighting the need for massive scaling up of financing.
