On the Release of the Organization for Economic Cooperation and Development/Climate Policy Initiative Report on Climate Finance
Secretary of State
In 2009, developed countries committed to mobilize financial flows to mitigate climate change and protect the world’s poorest and most vulnerable communities from its worst impacts. Today’s report from the OECD and CPI shows developed countries are well on our way to meeting the goal we set to jointly mobilize $100 billion a year by 2020 from a wide variety of sources, both public and private.
This independent report shows that in 2014, six years before the deadline outlined in our goal, climate finance from developed to developing countries reached $62 billion. This significant progress toward the $100 billion goal will help build confidence that climate finance is flowing and continues to increase.
The scale of the climate change challenge demands an effective global partnership that leverages resources from all available channels – public and private, bilateral and multilateral – to assist those most in need. The United States has consistently been a leader in efforts to mobilize climate finance for poor and vulnerable countries, including through our pledge of $3 billion to the Green Climate Fund in November 2014, and providing almost $2.7 billion in public bilateral climate finance in 2014.
While we are making good progress, continued collaboration on climate finance will be absolutely critical. The report indicates encouraging progress, but we have considerable work ahead. As the World Bank and International Monetary Fund gather for their annual meetings in Lima, Peru this week, the United States looks to the multilateral development banks to set ambitious targets for scaling up mitigation and adaptation finance. These multilateral institutions have played—and will continue to play—a major role in helping countries meet the challenges of climate change.