Global Landscape of Climate Finance 2023

Average annual climate finance flows reached almost USD 1.3 trillion in 2021/2022, nearly doubling compared to 2019/2020 levels. This increase was primarily driven by a significant acceleration in mitigation finance (up by USD 439 billion from 2019/2020). The remainder of the growth observed in 2021/2022 (USD 173 billion each year) stems from methodological improvements and new data sources, which augment the flows tracked in 2019/2020. Without these data improvements, annual finance flows in 2021/2022 would have amounted to just below USD 1.1 trillion.

Despite the growth in 2021/2022, current flows represent about only 1% of global GDP.