Developed countries have met the $100bn climate finance target in 2022, with a significant increase in funding from the US and private investments. The top climate finance donors are Japan, Germany, France, and the US. The increase in climate finance was driven by a rise in support from multilateral development banks and an increase in bilateral finance from the US. Private investments mobilized in developing countries also saw a surge in 2022. Overall, climate finance reached $115.9bn in total in 2022. Developed countries have made a new pledge to ramp up climate finance to at least $300bn a year by 2035, with a focus on clean-power projects in African nations and adaptation projects in climate-vulnerable countries.