{"id":51364,"date":"2024-05-29T17:43:32","date_gmt":"2024-05-29T16:43:32","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=51364"},"modified":"2024-05-29T18:15:56","modified_gmt":"2024-05-29T17:15:56","slug":"rich-nations-meet-100bn-climate-finance-goal-two-years-late","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/05\/29\/rich-nations-meet-100bn-climate-finance-goal-two-years-late\/","title":{"rendered":"Rich nations meet $100bn climate finance goal – two years late"},"content":{"rendered":"

For the first time, rich nations in 2022 delivered on a longstanding pledge to channel $100 billion a year in climate finance to developing nations – two years later than originally promised, official figures showed on Wednesday.<\/strong><\/p>\n

Their failure to meet the goal on time has been a sore point in the UN climate talks, fuelling distrust between wealthy governments and poorer countries, which have struggled to cover the cost of switching to cleaner energy and adapting to worsening climate change impacts.<\/p>\n

According to the new data<\/a> from the Organisation for Economic Co-operation and Development (OECD), developed countries provided and mobilised $115.9 billion in climate finance for developing countries in 2022, up from $89.6 billion in 2021.<\/p>\n

OECD Secretary-General Mathias Cormann, a former Australian finance minister<\/a>, said “exceeding” the annual commitment was “an important and symbolic achievement which goes some way towards making up for the two-year delay” and “should help build trust”.<\/p>\n

The year-to-year increase of around 30% was the largest to date and was driven by significant funding increases from multilateral development banks – which contributed the most at $50.6 billion – individual governments and private finance mobilised by using public money to reduce investment risk.<\/p>\n