- Climate finance flows have doubled compared to previous years, reaching an average annual flow of $1.3 trillion in 2021 and 2022, according to a recent analysis by the Climate Policy Initiative (CPI). However, these funds have been distributed unevenly across geographies and sources.
- The average annual flow of climate finance in 2021 and 2022 doubled compared to the $653 billion observed in 2019 and 2020.
- The increase in climate finance was primarily driven by the escalation in mitigation finance, which saw a $439 billion increase from 2019 and 2020.
- The report noted improved data coverage in three sectors: agriculture, forestry, and other land use (AFOLU); buildings and infrastructure; and waste. Approximately 28% ($173 billion) of the increase in the last year can be attributed to improved data collection, indicating positive progress in the availability of high-quality climate finance data.
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International
