The Organisation for Economic Cooperation and Development (OECD) has released a report highlighting that economically developed nations fell short of their commitment to jointly mobilize $100 billion annually for climate mitigation and adaptation in developing countries, one year past the 2020 deadline. The report indicates that developed nations mobilized $89.6 billion in 2021, with a 14% decrease in adaptation finance compared to 2020. Notably, the report’s findings hold significance ahead of the COP 28 climate talks, as the failure to meet financial pledges may erode trust among developing nations. The report also underscores challenges related to climate finance accounting, additionality, and the role of the private sector.
OECD Report Reveals Discrepancies in Climate Finance Commitments Ahead of COP 28
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