Rich countries met $100bn climate goal two years late, OECD says

illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below:

🗞️ Driving the news: Rich countries met their $100bn climate finance target for poorer nations in 2022, two years late, according to the OECD
• This pledge, first made in 2009 at the Copenhagen summit, was a key point of contention in global climate negotiations

🔭 The context: The commitment to provide $100bn annually aimed to help developing countries cut emissions and adapt to climate change
• Despite the delay, 2022 saw wealthy nations provide just under $116bn, with public climate finance nearly doubling from 2013 to 2021, while private finance showed a significant increase

🌍 Why it matters for the planet: Achieving this target is crucial for global climate equity and the success of international climate agreements
• Effective mobilization of both public and private finance is essential to meet the estimated $9tn annual global climate finance needed by 2030 to limit global temperature rise in line with the Paris Agreement

⏭️ What's next: Climate policymakers will push to set new finance goals at the upcoming COP29 summit in Azerbaijan in November
• Preliminary talks are set to begin in Bonn next week to address future climate finance needs and the structure of the loss and damage fund established at COP28

💬 One quote: “The goal, as it was set at the time, has been met, and that’s positive. But we now know more, and a lot more is needed,” said Joe Thwaites, an international climate finance advocate at the Natural Resources Defense Council

📈 One stat: Global climate finance needs to reach an estimated $9tn annually by 2030 to align with the Paris Agreement goals

Click for more news covering the latest on sustainable finance