In 2009, developed countries had committed ramp up climate finance to $100bn a year by 2020 to support climate action in lower-income countries low- and middle-income countries. This goal was later extended to not only be achieved by 2020 but maintained over the 2020-2025 period. According to the OECD, climate finance in 2024 stood at nearly $137 billion, reaching an surpassing the annual level promised for 2020-2025.
In this new analysis, Oxfam estimates the impact of generous accounting practices that lead to overall levels vastly higher than the actual fiscal effort made by developed countries in providing support. By that estimate, the actual, support effort by developed countries specifically targeting climate action (‘Climate Specific Net Assistance’) may have amounted to a mere $33-45 billion, much lower than what officially reported figures seem to suggest.
This Methodology Note explains how the estimate was calculated.
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