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Climate Policy Initiative’s flagship analysis, the Global Landscape of Climate Finance (“The Landscape”), has provided the most comprehensive overview of global climate-related primary investment available since 2012. The Landscape aims to comprehensively track domestic and international investment from both the public and private sectors in activities that address and respond to climate mitigation and adaptation actions.

To inform the United Nations Framework Convention on Climate Change (UNFCCC) fourth Biennial Assessment and Overview of Climate Finance Flows, we reviewed estimates using updated data on climate finance flows for the years 2017 and 2018, as previously reported in the Global Landscape of Climate Finance 2019.

Additionally, this update report offers a preliminary estimate for finance in 2019, drawing on data published in 2020. Reflecting a unique year for the global economy and to set the stage for the next full Landscape in 2021, we also make a high-level and early assessment of the likely impact of the COVID-19 crisis on climate finance flows.

Finally, we look to trends in the climate finance community, in policy and in financial sector practice which will be needed to meet the challenge of aligning finance flows across the whole economy with Paris climate goals.

Based on our updated analysis and estimation following newly available information, climate finance flows reached USD 574 billion per year on average in 2017/18. This results in total climate finance flows of USD 608 billion in 2017 and USD 540 billion in 2018 (as compared to USD 611 and USD 546 billion reported, respectively, in 2019’s Landscape). The slight decline is the result of adjustments to numbers issued by our data providers after the publication of the 2019 Landscape.

Climate Finance Overall

USD Billions Current Climate Finance Current Climate Finance

Note: 2019 estimate ranges between $608-$622 billion


Annual climate finance flows in 2017/18 were 24% higher than the average from 2015/16. While climate finance had been increasing, it was still far lower than the volume needed to address climate change and its impacts.

Based on currently available information, our initial estimate suggests 2019 climate finance flows will amount to USD 608 – 622 billion, representing a 6% – 8% increase from  2017/18 averages, which may result in a return to the record-high levels of 2017.

However, a more precise analysis of 2019 climate finance flows will be provided in the next Landscape (2021) when more primary data becomes available.

Climate Finance vs. Investment Needed

USD Billions Upper boundary of range of investment needed each year to stay under 1.5 degrees Celcius Actual climate finance Lower boundary of range of investment needed Upper boundary of range of investment needed each year to stay under 1.5 degrees Celcius Actual climate finance Lower boundary of range of investment needed

Read the full Global Landscape of Climate Finance 2019 here

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