Climate finance provided and mobilized by developed countries for developing countries totaled $79.6 billion in 2019, 2% up from $78.3 billion in 2018, according to new data released by Organization for Economic Co-operation and Development (OECD) on Friday.
"Climate finance continued to grow in 2019 but developed countries remain $20 billion short of meeting the 2020 goal of mobilizing $100 billion," OECD Secretary-General Mathias Cormann said.
The OECD is an intergovernmental economic organization of 38 developed countries set up to stimulate economic progress and world trade.
Cormann added that the limited progress in overall climate finance volumes from 2018-2019 is disappointing, especially ahead of the 26th UN Climate Change Conference, also known as COP26, scheduled to be held in the city of Glasgow, Scotland from Oct. 31- Nov. 12 under the presidency of the UK.
"While appropriately verified data for 2020 will not be available until early next year it is clear that climate finance will remain well short of its target. More needs to be done,” he said.
The OECD report indicates that out of the overall climate finance in 2019, 25% of funds were allocated to adaptation, while 64% went to climate change mitigation and the remainder to crosscutting activities.
More than half of total climate finances are targeted economic infrastructure – mostly energy and transport – while the remainder going to agriculture and social infrastructure, notably water and sanitation.
Asia has been the main beneficiary of climate finance between 2016-19 getting 43% of the total funds on average, followed by Africa (26%) and the Americas (17%).
Climate finance for least developed countries rose sharply in 2019, up by 27% from 2018.
"It is more urgent than ever that developed countries step up their efforts to deliver finance for climate action in developing countries, particularly to support poor and vulnerable countries to build resilience against the growing impacts of climate change," noted Cormann.
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