ESG & Investing
OECD Says Rich World Still Falling Short on Climate Finance
- Wealthy nations are still $17 billion shy of $100 billion goal
- Report’s findings raise the stakes ahead of COP27 in Egypt
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The rich world has stepped up the amount of money it’s channeling into developing countries to help them cope with climate change, but financing continues to fall well short of commitments made, according to the OECD.
Developed countries provided $83.3 billion to poorer countries in 2020, according a report published by the OECD on Friday. While that marks a 4% increase from 2019, it’s still below the $100 billion goal that rich countries set themselves back in 2009.