The sum of climate finance provided by developed countries to developing nations was recorded at $136.7 billion in 2024, based on information published by the Organisation for Economic Co-operation and Development (OECD). This is an amount that goes beyond the $100 billion per year target agreed upon by developed countries within climate negotiations.

The climate finance was reported to have risen from $123.7 billion last year to reflect an increment from the contribution of public financing institutions and mobilisation of private investments. The money is meant to assist developing nations in the reduction of greenhouse gas emissions and to enhance their adaptive capacity towards climate change.

The $100 billion annual commitment was made during the 2009 UN Climate Change Conference in Copenhagen. During the conference, developed countries promised to commit financial support to developing countries by 2020. Although the target was not met within several years, it was eventually exceeded.

Based on figures from the OECD, public climate finance is still the largest source of funds in the world. It consists of contributions from bilateral aid agencies, multilateral development banks, and international financial institutions. Private sectors that engage in climate-related activities also contribute towards reaching the annual target.

Climate finance remains a significant topic when it comes to international climate change talks. Developing countries have continued to express their concerns over the inadequacy of current funding relative to what is required to tackle climate-related issues. Many states have also complained that much of the funds allocated towards climate initiatives take the form of loans and not grants.

Developing states continue to channel financing towards adaptation activities such as setting up flood protection measures, drought programs, and other initiatives aimed at building climate-resistant capacity within agriculture and infrastructure.

According to experts from international bodies, the cost of adapting to climate change will continue to increase due to the rise in extreme weather conditions brought about by climate change.

The figures come at a time when negotiations are being held regarding a new climate finance framework, which will come after the current goal of raising one hundred billion dollars annually.

OECD figures suggest that developing countries will require significantly more financing than previously agreed upon over the next couple of years in efforts to meet their climate targets and cope with the impact of global warming.