The Annual Report 2024: Taskforce on Access to Climate Finance was published by the Center for Access to Climate Finance in February 2025. The report reviews progress made by the Taskforce in improving access to climate finance for climate-vulnerable developing countries. It focuses on seven pioneer countries — Bangladesh, Fiji, Jamaica, Mauritius, Rwanda, Somalia, and Uganda — and assesses progress against five principles: country ownership, harmonization, responsiveness to vulnerability, flexibility and innovation, and transparency.
Key insights:
Climate-vulnerable countries still face major barriers in accessing finance because current systems are often slow, complex, uncertain, and project-based.
The Taskforce is trying to shift climate finance from donor-driven projects toward country-led, programmatic financing.
Progress on country ownership was assessed as highly positive, especially as pioneer countries develop climate investment plans, finance strategies, and coordination mechanisms.
Progress on harmonizing finance processes remains slower, with continued duplication, heavy accreditation requirements, and administrative burdens for recipient countries.
MDBs announced at COP29 a goal to provide USD 120 billion annually by 2030 for low- and middle-income countries, including USD 42 billion for adaptation.
Adaptation finance remains difficult to access: many adaptation projects do not generate returns, making market-rate loans unsuitable for vulnerable countries.
The report recommends more grants and concessional finance, stronger national capacity, simpler access procedures, better transparency, and more innovative tools such as blended finance, green bonds, and country-owned climate funds.
