At the 16th session of the Conference of the Parties  in Copenhagen in 2009, developed country parties to the UNFCCC committed to a goal of jointly mobilising USD 100 billion yr-1 by 2020 to address the climate change needs of developing countries . This was in response to a threat by developing countries to walk out of the negotiations, as they perceived developed country support to be lagging and lacking in ambition . The commitment was formalised in the Cancun Agreements  in 2010 and was re-affirmed as a key element of the Paris Agreement in 2015 . At the 26th session of the Conference of the Parties  in 2021, formal deliberations will begin on a new climate finance goal to be adopted in 2025; the current USD 100 billion target will serve as the annual minimum until 2025 .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report