Forward-looking climate finance pledges give developing countries the confidence to invest more in reducing emissions and building their resilience, which benefits the whole world. With most wealthy countries’ multiyear climate finance commitments having expired in 2025, the onus is on them to come forward with new commitments for the post-2025 period, ideally providing clarity up to at least 2030.
E3G and NRDC have created a tracker for countries’ multiyear climate finance commitments, which we will update with new pledges as they are made. This tracker is co-authored with Joe Thwaites, NRDC. Also published on NRDC’s website.
Why do climate finance commitments matter?
International climate finance is key to the grand bargain that underpinned the Paris Agreement. All countries need to do more to address the climate crisis, but the poorest and most vulnerable countries – which have done the least to cause the problem and are hit first and worst by its impacts – will need support from richer countries to do so.
The new collective quantified goal (NCQG) agreed by countries at COP29 in 2024 lays out the framework for what that delivery of climate finance should look like over the next decade.
Governments set two targets to achieve by 2035:
- Developed countries will take the lead in mobilising $300 billion per year for developing countries, with other countries encouraged to contribute voluntarily.
- All actors will work together to channel $1.3 trillion per year in climate investments into developing countries.
At COP30 in 2025, governments followed up with an aim to triple adaptation finance, specifically as a subset of the $300 billion goal over the same time period.
Traditionally, contributor countries have announced multiyear climate finance pledges that detail how they will contribute to the collective goals set in United Nations climate negotiations (most notably, the goal of mobilising $100 billion per year for developing countries between 2020 and 2025). Many countries announced commitments for 2015–2020 and then again for 2021–2025 (progress updates are available in their Biennial Transparency Reports).
Multiyear announcements build confidence that governments are taking collective climate finance goals seriously and upholding their end of the grand bargain. They also help both recipients and providers plan ahead about how best to use resources.
While strained politics and economics represent a challenge for many wealthy countries as they consider their forward-looking climate finance commitments, these contributions are not charity – they are investments that address some of the underlying drivers of geopolitical instability, such as food insecurity and extreme weather. Robust new climate finance commitments provide the basis for shared global prosperity and security, especially during turbulent times.
The tracker includes two tables: the first shows all developed countries included in the Organisation for Economic Co-operation and Development (OECD) reporting on the $100 billion goal; the second shows other countries that have made voluntary forward-looking climate finance commitments since the Paris Agreements was adopted.
In all cases, we include the largest announcements made, and thus, only detail multiyear pledges to individual climate funds in cases where a broader commitment has not yet been made, since individual fund contributions generally come from within countries’ overarching climate finance commitments (NRDC’s Climate Funds Pledge Tracker includes all countries’ pledges, specifically to UN climate funds). We leave out collective pledges where individual country contributions are not specified, such as the Arab Coordination Group’s 2022 commitment to provide at least $24 billion in climate finance by 2030.
The commitment tracker includes two rows for each country: its previous pledge and its new pledge. We break down each pledge by criteria for a quality climate finance commitment, adapted from E3G’s 2025 briefing:
- Total public finance.
- Information on how much the pledge is in grant equivalent terms.
- Adaptation finance commitment.
- Targets regarding private finance mobilisation.
Where a pledge was made in another currency, we convert to US dollars using the UN operational rates of exchange as of 31 December in the year the pledge was announced or, for multilateral climate fund pledges, the fund’s reference exchange rate.
We also mark whether a country has submitted its Biennial Communications (BC) in accordance with Article 9, paragraph 5 of the Paris Agreement. These communications include projected levels of public finance to be provided to developing countries. Submission of BCs is mandatory for developed countries by the end of even-numbered years, while other countries that provide climate finance are encouraged to submit voluntarily. We indicate which round of BCs was submitted: third biennial communications (BC3) were due by the end of 2024 and fourth biennial communications (BC4) are due by the end of 2026.
We link to relevant official sources for all commitments, such as BCs, compilations of pledges by COP presidencies, and multilateral fund reporting.
The tracker is colour coded to represent which countries have come forward with new pledges, not the quality of those pledges. Green indicates countries that have announced a new overarching multiyear pledge after the NCQG was agreed upon in 2024; grey indicates countries that have not yet made any announcement; and blue indicates countries that have made a multiyear pledge to a climate fund but have not yet announced an overarching climate finance commitment.
We hope this tracker will be useful to developing countries to help understand likely future climate finance flows; to contributor governments to help set ambitious pledges and foster a race to the top with their peers; to the media to keep track of announcements; and to civil society to hold governments to account for their commitments.
