Rich countries have finally managed to reach the long-overdue goal to provide $100 billion of climate finance to poor countries in 2022. This is a symbolic target that will go a long way in building trust ahead of the COP28 summit in Dubai.
While the figure falls short of the trillions of dollars needed to help developing nations decarbonise their economies, it is still a milestone that will unlock progress in other areas, such as slashing CO2 emissions.
Data from the Organisation for Economic Cooperation and Development showed that:
- Developed countries have provided $89.6 billion in climate assistance in 2021
- The $100 billion goal, originally due to have been reached by 2020, has most probably been reached last year
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