A new report from the Organisation for Economic Co-operation and Development (OECD), with support from the Climate Policy Institute (CPI), finds that $62 billion in climate finance was committed in 2014 by developed countries and multilateral banks toward the goal of $100 billion per year by 2020. The $62 billion reflects a significant jump over the $52 committed in 2013, according to the report. OECD’s analysis is in line with findings from WRI’s recent working paper, Getting to $100 Billion: Climate Finance Scenarios and Projections to 2020.
Following is a statement from Dr. Andrew Steer, President and CEO, World Resources Institute:
"Today’s announcement should encourage negotiators heading into the climate talks in Paris. $62 billion represents a significant upward trend in climate finance which, if it continues, shows that the goal of $100 billion by 2020 is within reach. In recent weeks, France and the UK, and development banks like the ADB, have made financial contributions that suggest the trend in climate finance should continue. China’s recent financial contribution, while not part of the $100 billion, is another sign that a new threshold has been crossed.
"The OECD’s findings are consistent with recent analysis conducted by experts at WRI. Together, these papers point to the need for increased transparency around climate finance.
"There’s still a long way to go, but OECD’s analysis should challenge those who doubt that we can reach the goal. More countries need to come forward to prepare the ground for a successful agreement in Paris.”