Rich nations met $100 bn climate finance goal two years late: OECD

As developing countries urge increases in climate aid, a toll booth worker takes shade under an umbrella during a record heatwave in Delhi. Photo: Arun SANKAR / AFPWealthy countries met their target of providing $100 billion in annual climate aid to poorer nations for the first time in 2022, two years later than promised, the OECD said Wednesday.

More than a decade later this target was finally met for the first time in 2022 with $115.9 billion raised, the Organisation for Economic Co-operation and Development said. The $100 billion target is nowhere near what experts say developing nations will need for renewable energy and adaptation measures like coastal defences against rising seas.

"It is always essential to fulfil past promises, but even more so this year," said COP29 president-designate Mukhtar Babayev.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rich nations met $100 billion climate finance goal two years late: OECDDonors have been accused of repackaging existing aid pledges as climate finance and making the money largely available as loans instead of unconditional grants
Source: mailandguardian - 🏆 2. / 92 Read more »