A new report from Canada and Germany emphasized that more private money is needed to reach an international financing goal by 2023 to help developing countries mitigate and adapt to climate change. In 2020, private institutions contributed US$13.1 billion to climate finance of a total US$83 billion. The report did not disclose how much total funding has been committed or allocated to the cause in 2022. (The Logic)

Talking point: Securing climate finance for developing countries has been challenging. Canada and Germany were meant to wrangle the money by last year at the COP26 climate conference, but missed the deadline. Meanwhile, the report says, “It is abundantly clear that the global investments needed to respond to the climate change threat are much larger than US$100 billion.” Canada and other developed countries agreed to study how to motivate the private sector to do more, according to the report. It also called for quicker access to funds for regions that need it, and a greater overall level of financing ambition—particularly to address the immediate impacts of extreme weather.