OECD: Record $136.7 billion climate finance in 2024, adaptation lags

Developed countries provided and mobilized a record $136.7 billion in climate finance for developing nations in 2024, according to a new report from the Organisation for Economic Co-operation and Development. This marks the third consecutive year that the long-standing $100 billion annual goal has been exceeded, with the total rising from $132.8 billion in 2023.

The figures represent the combined total of public finance provided directly by governments and private finance mobilized through instruments like guarantees and loans. The OECD noted that mobilized private finance saw its largest annual growth since 2016, reaching $30.5 billion in 2024, driven primarily by multilateral development banks.

However, the report highlights significant disparities in how the finance is distributed and structured. The majority of funding, nearly two-thirds, continues to be directed toward mitigating greenhouse gas emissions, such as renewable energy projects. Finance for climate adaptation, which helps countries build resilience to impacts like extreme weather, grew at a slower pace, reaching just under $35 billion in 2024 and accounting for about one-quarter of the total.