Finance
Rich nations met $100b climate finance goal two years late: OECD
PARIS: Wealthy countries met their target of providing $100 billion in annual climate aid to poorer countries for the first time in 2022 though two years later than promised, the OECD said Wednesday.
The failure to raise the money on time has eroded trust in climate negotiations and the OECD report comes as nations race to set a more ambitious goal by November.
In 2009, developed nations promised to raise $100 billion a year by 2020 to help low-income countries invest in clean energy and cope with the worsening impacts of climate change.
More than a decade later this target was finally met for the first time in 2022 with $115.9 billion raised, the Organisation for Economic Co-operation and Development said.
ALSO READ: World needs ‘trillions’ for climate action: COP28 president
“This achievement occurs two years later than the original 2020 target year,“ said the OECD, which tracks official figures on climate finance pledges.
The $100 billion target is nowhere near what experts say developing nations will need for renewable energy and adaptation measures like coastal defences against rising seas.
A panel convened by the UN estimates these countries — excluding China — will need $2.4 trillion a year by 2030 to meet their climate and development needs.
Donors have also been accused of repackaging existing aid pledges as climate finance and making the money largely available as loans instead of unconditional grants.
ALSO READ: WEF report: Climate change to cause millions of deaths by 2050
Climate finance is a thorny issue at the annual UN climate talks and negotiators have been working this year to try and set a new goal to replace and go beyond the $100 billion target.
The hosts of this year’s COP29 in gas-rich Azerbaijan have made the matter a priority and hope to have an ambitious agreement inked during the summit in November.
The Catalytic Climate Finance Facility (CC Facility), a program jointly managed by Climate Policy Initiative and Convergence, along with the Government of Canada, is hosting an event during London Climate Action Week focused on Scaling Climate Investments in Emerging Markets Using Blended Finance.
The event will explore opportunities and challenges in mobilizing private capital for climate action in emerging markets, including the role of catalytic capital instruments such as grants and technical assistance in scaling innovative blended climate finance solutions. Discussions will draw on practical insights from actual blended climate finance transactions and also highlight key lessons emerging from programs such as the CC Facility, which leverages these instruments to accelerate and scale such solutions. The event will bring together investors, government funders, DFIs and MDBs, philanthropies, climate finance practitioners, and ecosystem partners, and will provide an opportunity to network with key stakeholders across the blended and climate finance ecosystem over drinks.
Due to limited capacity, this is an invite-only event. If you are interested in attending, please register your interest here.
MAGNOLIA, Duplin County — The Town of Magnolia will hold a special meeting next week to swear in two town officials.
The meeting is scheduled for Tuesday, May 26, at 5:45 p.m. at Magnolia Town Hall on East Carroll Street.
Town officials said the meeting will focus on the swearing-in of the town’s finance officer and town clerk.
According to the town’s website, the town clerk supports the mayor, town manager and Board of Commissioners by preparing meeting materials, keeping public records and helping with official town documents.
The finance officer is responsible for the town’s financial operations, including budget oversight, financial records, payroll, audits and regular reports to commissioners.
Magnolia Town Hall is located at 110 East Carroll Street.
OTTAWA — Large online streaming services must contribute 15 per cent of their Canadian revenues to Canadian content, the federal broadcast regulator said Thursday.
That’s three times the five-per-cent initial contribution requirement the CRTC set out in 2024, which is being challenged in court by major streamers, including Apple, Amazon and Spotify.
Contribution requirements for traditional broadcasters, which currently pay between 30 and 45 per cent, will be lowered to 25 per cent.
“The total contributions are expected to stabilize the funding at more than $2 billion in support of Canadian and Indigenous content, such as French-language content and news,” the regulator said in a press release.
The CRTC also set out rules on how the money must be spent for both streamers and broadcasters, including contributions toward production funds and direct spending on Canadian content.
Most of the streamers’ financial contribution can go toward content, though the CRTC is imposing rules on how that money must be spent for the largest streamers.
For instance, streamers with Canadian revenues of more than $100 million annually must direct 30 per cent of spending toward partnerships with Canadian broadcasters and independent producers.
The new financial contribution rules apply to streamers and broadcasters with at least $25 million in annual Canadian broadcasting revenues.
The CRTC made the decisions as part of its implementation of the Online Streaming Act, which the U.S. has identified as a trade irritant ahead of trade negotiations with Canada.
The regulator also said Thursday online streamers will have to take steps to ensure Canadian and Indigenous content is available and visible to audiences.
“This will make it easier for people to find this content on the platforms they use, while giving broadcasters flexibility in how they meet the new expectations,” the CRTC said in the release.
Details of those requirements will be determined at a later time, the CRTC said.
The CRTC is also establishing a new fund to support specific TV channels, including CPAC, the Canadian service that provides direct coverage of political events.
This report by The Canadian Press was first published May 21, 2026.
Anja Karadeglija, The Canadian Press
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