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In 2023, climate finance to EMDEs surpassed USD 1 trillion, with 80% sourced domestically and China accounting for 64% of total flows. While mitigation finance grew to USD 979 billion, it remains far below the estimated USD 3.86 trillion annual need. Adaptation finance totaled USD 48 billion, showing significant unevenness as the top 20% of countries received over 70% of these funds. International public finance exceeded USD 159 billion, but faces potential declines due to ODA cuts, while international private finance rose to USD 49 billion. The report emphasizes that EMDEs require nearly USD 4 trillion annually through 2030 to achieve climate goals.

Global climate finance reached a record USD 1.9 trillion in 2023, driven by a 30% compound annual growth rate in private finance from 2018 to 2023. While mitigation finance dominates at 94% of total flows—primarily targeting energy systems and transport—adaptation finance decreased by 16% in 2023 to USD 65 billion. Significant regional disparities persist, with 79% of finance concentrated in East Asia and the Pacific, Western Europe, and the US and Canada. Despite growth, current investment levels remain three times lower than the most conservative estimates of global needs.

In 2024, IDFC members committed $173 billion in green finance, a 13% decrease from 2023, primarily driven by shifts in investment priorities among a few large institutions. Despite the overall decline, 14 of 23 responding members increased their commitments. Climate finance dominated at $167 billion, with mitigation ($140 billion) remaining the primary focus, while adaptation finance saw a 54% increase to $17 billion. Biodiversity finance totaled $8 billion. The report highlights the pivotal role of non-OECD institutions, which provided 72% of climate finance, and emphasizes the need to target underfunded sectors such as AFOLU, fisheries, and industry.

In 2024, IDFC members committed $173 billion in total green finance, a 13% decrease from 2023, though 14 of 23 responding members increased their individual commitments. Climate finance dominated at $167 billion, with mitigation finance ($140 billion) remaining the primary focus, while adaptation finance grew by 64% to $17 billion. Biodiversity finance reached $8 billion, with the largest shares directed toward water preservation. Non-OECD institutions provided 72% of climate finance and 78% of biodiversity finance, with East Asia and the Pacific emerging as the largest recipient region for both categories.

Climate finance for emerging markets and developing economies (EMDEs) surpassed USD 1 trillion in 2023, with 80% mobilized domestically. Mitigation finance dominates, accounting for 92% of flows (USD 979 billion), while adaptation finance reached USD 48 billion. China is the primary driver, providing 64% of total EMDE flows. Significant gaps remain, with annual mitigation needs estimated at USD 3.86 trillion. The report recommends strengthening domestic enabling environments, improving the quality of international finance, and increasing data transparency to scale investment.

International climate finance for Brazil grew by 84% between the 2019–2020 and 2021–2022 biennia, reaching an average of US$ 5.1 billion per year. This growth was primarily driven by the energy sector, specifically solar and wind power, and was characterized by a shift toward commercial financing instruments. While Western Europe, led by France, was the largest regional provider, the AFOLU sector—responsible for most of Brazil's GHG emissions—received only 11% of the total finance. Public institutions provided 58% of the funds, with multilateral development finance institutions (DFIs) playing a dominant role, while private finance grew fourfold to reach 42% of the total.

Global climate finance for agrifood systems reached USD 94.9 billion in 2021/22, representing 7.2% of total global climate finance. While flows have increased since 2019/20, the report finds that investment is critically misaligned, with a massive funding gap of USD 1.1 trillion annually required through 2030 to align the sector with climate goals. Growth is heavily concentrated in domestic public investment in China and Europe, while private capital remains largely absent in sub-Saharan Africa and Latin America and the Caribbean. Mitigation finance is dominated by energy-related projects like agrivoltaics, while adaptation finance remains heavily reliant on public grants. The report calls for a strategic mix of financial instruments and policy reforms to unlock capital for high-impact solutions such as soil carbon management and nature-based solutions.

In 2023, IDFC members committed $199 billion in green finance, a 31% decrease from 2022, largely due to currency depreciation in East Asia and the Pacific and the adoption of more conservative tracking methodologies. Climate finance dominated at 98% of total green finance, with mitigation accounting for 89% of that amount. Adaptation finance fell significantly to $10.5 billion, while biodiversity finance reached its lowest level since 2020 at $8.2 billion. The report emphasizes the role of public development banks (PDBs) in providing transformative finance and calls for the New Collective Quantified Goal on Climate Finance (NCQG) to integrate 'transformational criteria' to better catalyze private investment.

The report finds that international concessional climate finance grew by 50% from 2019 to reach USD 81 billion in 2022, though it remains small compared to fossil fuel subsidies. Sub-Saharan Africa is the primary recipient of these flows. The analysis highlights a gap in adaptation finance and a lack of standardized impact metrics. Domestic concessional finance is heavily concentrated in high-income economies, particularly Western Europe, and focuses primarily on mitigation. The report recommends redirecting fossil fuel subsidies, targeting fragile and conflict-affected states, and streamlining project approval processes to enhance efficiency.

The 2024 State of Cities Climate Finance report (SCCFR) reveals a significant gap between current urban climate finance flows and the trillions of dollars required for mitigation and adaptation. While 69% of urban climate finance is sourced domestically, international flows from developed to developing economies remain low at USD 12 billion. Mitigation needs are dominated by transport, energy, and buildings, with East Asia and the Pacific having the highest annual requirements. The report advocates for the '4C Urban Climate Finance Agenda'—Commitment, Collaboration, Capacity, and Capital Mobilization—to scale finance and improve data tracking.

CPI has introduced a bespoke taxonomy and machine learning model to better capture private sector adaptation finance, increasing the annual average tracked flows from USD 1 billion to USD 4.7 billion for the 2019-2022 period. The analysis identifies significant gaps in reporting, particularly among insurers and pension funds, while highlighting that the majority of project-level private investment is concentrated in the water and sanitation sector. The report also estimates that annual consumer and household spending on high-adaptation-likelihood products ranges between USD 48 billion and USD 61 billion.

Tracked urban climate finance reached USD 831 billion in 2021/2022, more than doubling since 2017/2018. However, this remains severely insufficient compared to estimated annual mitigation needs of USD 4.3 trillion by 2030. Finance is heavily concentrated in developed economies and China, with critical gaps in sub-Saharan Africa and South Asia. While mitigation flows are dominated by transport and buildings, adaptation finance is significantly lower at USD 10 billion, primarily focused on water and wastewater. The report advocates for a '4C Urban Climate Finance Agenda'—Commitment, Collaboration, Capacity, and Capital Mobilization—to bridge the investment gap.

The report finds that while urban climate finance more than doubled to USD 831 billion in 2021/2022, it must increase more than fivefold to align with a 1.5°C pathway. Mitigation needs are dominated by transport, energy, and buildings, with a significant financing gap particularly in emerging markets and developing economies (EMDEs). The document identifies systemic challenges including weak enabling environments and city-level capacity gaps, and proposes the '4C Urban Climate Finance Agenda' (Commitment, Collaboration, Capacity, and Capital Mobilization) to scale investment.

The document presents an Evidence Gap Map (EGM) developed by SEforALL and 3ie to guide policymakers and researchers toward rigorous evidence on sustainable energy in low- and middle-income countries (L&MICs). Based on a search of 22 academic databases and 29 grey literature sources, the EGM includes 703 studies (668 impact evaluations and 35 systematic reviews). The evidence base is geographically skewed, with nearly half of the impact evaluations focused on China or India, and significant gaps exist for countries with the most pressing electrification needs, such as Burundi and South Sudan. While improved cookstoves are the most evaluated technology, there is a total lack of rigorous evidence for interventions involving insurance, risk guarantee instruments, push and pull finance, and advocacy and diplomacy.

The Kuali Fund-GCF Gender Assessment analyzes gender disparities in the financial and agricultural sectors across Brazil, Colombia, El Salvador, Guatemala, Honduras, Mexico, and Panama. It identifies systemic barriers—including limited access to credit, land ownership gaps, and the burden of unpaid care work—that hinder women-led micro, small, and medium enterprises (MSMEs) and female smallholder farmers. The report argues that women are more vulnerable to climate change and face a significant financing gap, which the fund aims to address through a Gender Action Plan (GAP) involving technical assistance, gender-responsive financial products, and capacity building for financial service providers (FSPs).

The report examines how developing countries can capture a fair share of financial benefits from critical minerals, highlighting risks such as price volatility, oversupply, and opaque markets. It suggests opportunities for these nations to increase state participation, develop downstream processing capabilities, and reform fiscal incentives to maximize economic gains from the energy transition.

The report analyzes the fiscal risks and opportunities for developing countries producing critical minerals essential for the energy transition. It highlights the potential for significant additional revenues—estimated up to USD 25 billion annually in taxes and royalties by 2040—while warning of risks such as price volatility, lack of transparency in markets like cobalt and lithium, and the potential for oversupply due to substitutes. The document argues that producer countries can increase their economic benefits by enhancing domestic processing (adding value), re-evaluating state participation, and reforming overly generous tax incentives. It also addresses the impact of alternative financing like 'metal streaming' and the potential costs associated with carbon pricing mechanisms such as the EU's Carbon Border Adjustment Mechanism.

Average annual climate finance reached nearly USD 1.3 trillion in 2021/2022, nearly doubling from 2019/2020 levels, though this remains only 1% of global GDP. Growth was primarily driven by mitigation finance in energy and transport, with significant concentration in China, the US, Europe, Brazil, Japan, and India. Adaptation finance, while reaching a record USD 63 billion, remains severely underfunded compared to the USD 212 billion annual need for developing countries by 2030. The report highlights a critical investment gap, noting that annual needs will increase to between $8.1 and $9 trillion through 2030, and over $10 trillion annually from 2031 to 2050.

Climate finance for small-scale agrifood systems was USD 5.53 billion in 2019/20, representing only 0.8% of total global climate finance and 19% of agrifood-specific flows. This reflects a 44% decline from the 2017/18 period, driven by reduced commitments from governments and development finance institutions. Funding is dominated by public sources (96%) and primarily delivered via grants and concessional debt, with a critical lack of equity investment. Geographically, Sub-Saharan Africa received the largest share (34%), while South Asia and the MENA region remain significantly underserved despite high climate vulnerability. The report argues that current funding is starkly inadequate compared to the estimated annual general financing needs of smallholder farmers (USD 170 billion) and agri-SMEs (USD 106 billion).

Global climate finance reached an annual average of nearly USD 1.3 trillion in 2021/2022, though this represents only 1% of global GDP. Mitigation finance dominates, particularly in energy and transport, while adaptation finance remains critically underfunded and dominated by public actors. Finance is heavily concentrated in developed economies and China, with significant gaps in least developed countries (LDCs) and emerging markets. The report argues that annual needs must increase at least five-fold to avoid the worst impacts of climate change, recommending reforms to international financial institutions and the mobilization of domestic capital.