Overview: Climate finance in 2023

Global climate finance hit an all-time high of USD 1.9 trillion in 2023. Early data indicates that climate finance exceeded USD 2 trillion for the first time in 2024. A more precise analysis will be provided in the 2026 GLCF, when more primary data becomes available

Further climate investment would not only reduce greenhouse gas emissions, but also create a wide range of benefits from economic growth to improved health. Inaction, on the other hand, will be more costly to the global economy in the long term, resulting in economic losses amounting to 15% of global GDP by 2050 from 2°C of warming and 30% by 2100 from 3°C. ​

Who is investing?

For the first time, private climate finance contributions exceeded USD 1 trillion in 2023, outpacing public investment.

A stark disparity persists in emerging economies, where access to affordable capital remains a barrier to private and domestic climate finance. EMDEs need more catalytic capital—such as guarantees, grants, and catalytic equity—to further scale climate flows in all regions.

Where is the money going?

International climate finance to EMDEs reached USD 196 billion in 2023 with 78% from public actors.

Mitigation finance made up the majority of global climate flows, at USD 1,780 billion in 2023. Adaptation finance reached USD 65 billion, though this is likely an underestimation due to tracking challenges. Dual-benefit finance—pursuing both adaptation and mitigation objectives—reached USD 58 billion.

Clean energy investment is becoming a major driver of GDP in certain economies. For example, clean-energy technologies made up more than 10% of China’s economy for the first time in 2024.

Explore the data further in the GLCF data dashboard, or download the report below for the full analysis.

Download the report

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