
In a move seen as a step forward but overdue, wealthy countries reached a long-standing target of providing $100 billion annually in climate aid to developing nations in 2022.
This comes two years later than the original 2020 pledge, according to a report by the Organisation for Economic Co-operation and Development (OECD) released on Wednesday.
The delay in meeting the target has eroded trust in international climate negotiations, raising concerns as countries prepare to set a new and more ambitious goal by November’s COP29 climate summit in Azerbaijan.
Developed nations had initially committed to raising $100 billion annually by 2020 to assist low-income countries in transitioning to clean energy and adapting to the intensifying effects of climate change.
While exceeding the $100 billion target in 2022 with a total of $115.9 billion provided, experts warn this figure falls far short of the actual needs.
A UN panel estimates developing countries (excluding China) will require a staggering $2.4 trillion annually by 2030 to meet their climate and development goals.
Transparency regarding the provided aid has also sparked criticism. Donors have been accused of repackaging existing aid commitments as climate finance and offering loans instead of unconditional grants.
Climate finance remains a contentious issue at the annual UN climate talks. Negotiators are currently working towards establishing a new, more ambitious goal that surpasses the $100 billion target.
With COP29 approaching, the summit hosts, oil-rich Azerbaijan, have prioritized finding an agreement on this crucial matter.