At the Organisation for Economic Co-operation and Development (OECD), I oversee assessments of progress towards the goal for developed countries to mobilize US$100 billion a year for climate action in developing countries. Your editorial calls for further third-party accounting advice in response to critiques (see Nature 589, 7; 2021).
The OECD analysis aims to inform the United Nations Framework Convention on Climate Change (UNFCCC) processes, not to pre-empt political decisions. It uses the best available data, as reported to the UNFCCC and the OECD according to established standards (see, for example, go.nature.com/2kdekwu).
Key messages emerge from our reports. Donor countries need to step up efforts on climate finance and address imbalances. Too little money is provided for adaptation efforts — which aim to minimize the effects of climate change — and for the poorest and most vulnerable countries. And a large and increasing proportion of climate finance is provided as loans rather than grants.
The OECD is committed to further enhancing transparency of and trust in climate finance data. We encourage providers to improve their reporting and disclosure of climate finance, particularly relating to the share of individual projects flagged as climate-relevant. This will address potential concerns of over-reporting and facilitate third-party review.