Developed countries provided and mobilized $132.8 billion in climate finance for developing economies in 2023 and $136.7 billion in 2024, according to new data released by the Organization for Economic Co-operation and Development, highlighting continued growth in international climate funding.

The figures, published in the OECD’s latest report, Climate Finance Provided and Mobilized by Developed Countries in 2013–2024, show that the long-standing global target of mobilizing $100 billion annually for developing countries was exceeded for the third consecutive year. The target, first surpassed in 2022 with $115.9 billion, was initially agreed upon under the United Nations Framework Convention on Climate Change in 2009 and later extended through 2025.

Mathias Cormann, OECD Secretary-General, said the latest figures demonstrate continued support for developing economies as they work to adapt to and mitigate the effects of climate change.

“The $100 billion goal was exceeded for the third consecutive year in 2024, showing clear commitment to supporting developing economies to adapt to and mitigate climate change,” Cormann said. He added that both private sector mobilization and adaptation finance had increased, which remain critical to helping developing countries meet their climate goals.

Mitigation finance continued to account for the majority of total climate funding, representing nearly two-thirds of all finance provided. Meanwhile, mobilized private finance maintained strong momentum, reaching $30.5 billion in 2024 — the largest annual increase since 2016. The rise was largely driven by multilateral development banks through instruments such as direct investments, guarantees, and syndicated loans.

The report also found that adaptation finance, which supports countries in building resilience against climate-related impacts, continued to grow, though at a slower pace. Adaptation funding represented around one-quarter of total climate finance in both 2023 and 2024, down from one-third in 2020.

According to the OECD, meeting the goals outlined in the Glasgow Climate Pact would require developed countries to increase adaptation finance by more than $5 billion in 2025 compared to current levels.

Despite the broader increase in climate finance, funding remained concentrated in middle-income countries. Support directed toward low-income countries fell to $8.4 billion in 2023 before recovering slightly to $9.6 billion in 2024, still below its 2022 peak of $11.1 billion.