WASHINGTON (November 16, 2023) — Today, the OECD announced that developed countries may have finally achieved the $100 billion climate finance goal. Preliminary yet unverified data shows that the goal likely was reached in 2022.

In 2009, developed countries committed to mobilize $100 billion annually beginning in 2020 and through 2025 to help developing countries advance climate action. This commitment was reaffirmed by the 2015 Paris Agreement.

The following is a statement from Ani Dasgupta, President & CEO of World Resources Institute:  

“Developed countries’ failure to fully deliver on the $100 billion goal by 2020 has been a dark cloud over the UN climate negotiations, eroding trust and stymying progress. News that the long overdue goal has likely been met is a very welcome ray of sunshine just before countries assemble at the climate summit in Dubai. This will help rebuild much-needed trust between developing and developed countries, which will go a long way toward achieving a positive outcome at the COP28 climate summit.

“Of course, developed countries still need to make up for the shortfalls to the $100 billion goal in 2020 and 2021. And the scale of finance needed by developing countries is well into the trillions rather than billions. Over the next year, countries need to reach agreement on a new climate finance goal that fully rises to the climate challenge. To achieve global net zero and avoid catastrophic climate impacts, wealthy nations must invest much more in developing countries’ transition to a low-carbon, climate-resilient economy. There is no other way to avert the climate crisis.”