Developed Countries Still Haven't Fulfilled Their Promise to Pay $100 Billion Climate Fund

The Organization for Economic Co-operation and Development (OECD) said in a recent statement that rich countries are failing to deliver on their commitment of $100 billion to help poorer countries tackle climate change. In 2009, developed countries pledged to donate $100 billion a year to vulnerable states by 2020, as the effects of climate-related extreme weather events were exacerbating. The OECD stated that developed countries provided $83.3 billion in 2020, and the target gap was $16.7 billion. The OECD uses UN data processed with a two-year delay, and rich countries have signaled that the target will not be met by 2023. That is seen as a serious obstacle to COP27.