The level of climate finance available to the most vulnerable countries is falling well short of what is needed, according to figures in an exclusive new Devex report.
In 2009, world leaders committed that they would spend $100 billion annually from 2020 until 2025 to mitigate the effects of climate change. In 2022, $115.9 billion was spent by developing economies, surpassing the yearly goal. It was the first time these countries met the $100 billion goal since its inception back in 2009.
Despite this, many countries around the world are growing more vulnerable to climate-related disasters, and most experts consider the $100 billion figure to be far too low.