Photo by Radek Kucharski via Flickr

A just transition will give underserved and marginalized groups new opportunities for high-quality employment, enable their participation in sustainable industries and ensure the extension of financial services to all people.

Every system shift we track and target should reflect equity considerations, but economic and financial inclusion represents an important shift in itself that enables all systems to become more just. 

A just transition toward a decarbonized, sustainable economy will result in more inclusivity and fairness than the high-carbon, unsustainable economy it leaves behind. It will give underserved and marginalized groups new economic opportunities for high-quality employment and enable their participation in the benefits of thriving, sustainable industries. 

Climate justice can be seen through both international and subnational lenses. Internationally, developed countries need to support developing countries in their efforts to create a climate- and nature-positive economy. The new international commitment to mobilize at least $300 billion of climate finance for developing countries by 2035 is a positive step forward, yet it remains significantly short of what is needed. Within countries, governments should track the distribution of climate finance flows and the outcomes of growth in a decarbonized and sustainable economy, and ensure that the benefits are widely and fairly shared.

A just transition should also offer options to expand financial inclusion, especially to underserved and marginalized groups. Populations are often excluded from financial services due to a range of factors, including race, gender, age, income, occupation and geography. This inequity is found in lower-income countries as well as higher-income countries. Though many of these communities contribute comparatively little to global greenhouse gas (GHG) emissions, they are likely to be hit hardest by the effects of climate change and biodiversity loss. 

Financial inclusion is an important development goal in its own right, and it can protect vulnerable communities and allow all people to further share in the benefits of the transition to a low-carbon economy and the protection of nature. When people have access to financial resources like bank accounts and well-regulated lending, it helps them build financial security and makes them more resilient to economic shocks, including those caused by climate change impacts, biodiversity loss or other failures of natural systems. They may also be more capable of taking advantage of low-carbon technologies. 

Financial services can’t replace the natural systems on which people rely, but families and communities can use such services to rebuild damaged properties, migrate to a stable area, prepare for the next extreme weather event, switch to cleaner energy sources, adopt climate-resistant agricultural practices, or otherwise adapt to a changing environment. 

Increasing the share of the global population that is included in the regulated financial system will require efforts from both the private and public sectors. 

Private financial institutions will need to expand their presence in remote and rural areas and broaden lower-cost services, such as mobile money. Public financial institutions will need to adopt financial inclusion strategies, help finance infrastructure (such as internet services), and directly provide financial services themselves. Financial services must also be carefully regulated to avoid predatory financing.

Tracking progress on global outcomes

2908: Climate finance flowing to developing countries

Status: Off Track
Target Methodology:

We measure the total amount of climate finance (public and private) destined to developing countries against the new $300 billion per year commitment that was pledged in 2024 by developed countries.

Developing countries contribute the least to climate change but are most vulnerable to its impacts. Most of these countries are not resourced or prepared for these climate impacts and will continue to suffer loss and damage, with costs estimated at $447 to $894 billion in 2030 just in developing countries. In addition, they also often lack the resources needed to invest in and gain the benefits of a low-carbon, greener economy. Developed countries must increase public climate finance to help developing countries overcome these inequities.

In 2022, about $116 billion of climate finance to developing countries was deployed, with about $22 billion coming from private sources and $92 billion coming from public sources. The remaining $2 billion came from export credits.

For the first time, the total $116 billion is above the original $100 billion annual target agreed to at COP15 in 2009, but only begins to make up for the shortfall created by developed countries’ late achievement of the target.

A new climate finance goal has been agreed upon at COP29 in 2024 for developed countries to deliver at least $300 billion annually and move toward $1.3 trillion by 2035. Despite tripling the goal, the amount does not meet the needs and priorities of developing countries. Negotiations for “loss and damage” funding for residual damages — the economic costs that cannot be prevented through adaptation – are ongoing, with initial funding for the Fund for Responding to Loss and Damage far too low compared to the scale of climate-related disasters.

While the specific distribution of investment between public and private resources is not consistently articulated by developed countries, greater private climate investment for developing countries is essential to scaling and sustaining adequate climate finance capital flows.

Public and private financial institutions should work together to ensure that climate investments in developing economies are facilitated by the most appropriate and impactful sources of capital. Public climate finance, for example, is suited to support investments that are riskier and provide public economic benefits, while private finance can bring speed and scale to climate investments that provide predictable economic returns. For reference, of the $22 billion in private climate finance deployed in developing countries in 2022, about 16% for adaptation and 84% for mitigation and cross-cutting purposes. The share dedicated to adaptation has grown from 4% in 2016 to 16% in 2022, peaking at 25% in 2020.

Developed countries urgently need to find more effective ways to unlock public and private capital — both to support their existing climate finance commitments and to meet the ongoing needs of developing countries.

2911: Climate finance flowing to underserved and marginalized communities

Status: Insufficient Data

Data on whether investments in climate and nature are benefiting underserved and marginalized communities is essential to making such investments more equitable. This indicator will be updated as the subnational distribution of climate finance is better tracked.

2221: Adults with a financial account

Status: Well Off Track
Historical Data Methodology and Challenges:

Data was sourced from the Global Findex Database indicator: Account (% age 15+) for the years 2011, 2014, 2017, 2021, and 2024.

Data is updated every 3 years and the last update is 2024. 

Target Methodology:

Financial inclusion is one of the key enablers to achieve the 2030 Sustainable Development Goals, especially those that are related to eradicating poverty, reducing inequality, and promoting economic growth and jobs. Target designed so that the global adult population has access to formal banking accounts, mobile money services, or other financial institutions by 2030.

The proportion of the population with an open bank account is an important indicator of financial inclusion and resilience. An estimated 1.4 billion adults worldwide do not have an account at a regulated financial institution or with a mobile money provider. These adults, defined by the World Bank as those aged 15 or older, are considered “unbanked.”

Access to financial services can be challenging for people who live in rural areas far from a physical branch, as well as people who may not have enough money to start or maintain an account due to deposit or balance minimums. Women also experience a financial inclusion gender gap and may face significant barriers to access financial services.

Financial services aren’t restricted to private financial institutions. The public sector often offers banking and credit products, and these can accomplish public and social goals beyond profit-making.

According to the World Bank, in 2024, 79% of adults worldwide had access to a bank account, mobile money service or other financial institution, a slight increase from 74% in 2021. To reach the 100% target by 2030, this access will need to grow at about 2.2 times the historical rate between 2024 and 2030.

2222: Adults that saved at a financial institution in the past year

Status: Well Off Track
Historical Data Methodology and Challenges:

Data was sourced from the Global Findex Database indicator: Saved at a financial institution (% age 15+) for the years 2011, 2014, 2017, and 2021.

Data is updated every 3 years and the latest update is 2021.

Target Methodology:

Financial inclusion is one of the key enablers to achieve the 2030 Sustainable Development Goals, especially those that are related to eradicating poverty, reducing inequality, and promoting economic growth and jobs. Target designed so that the global adult population saves or sets aside money in the formal and regulated financial system by 2030.

Having savings in a public or private financial institution can help a person become more financially secure. Savings can also help households bounce back after natural disasters or invest in climate-resilient technology, providing a buffer against the effects of climate change and environmental degradation. Households with savings under the formal financial system also benefit from government regulations and insurance that can protect their assets, helping ensure financial stability.

However, trust in financial institutions and governments runs low in some countries. In these areas, leaders must earn the public’s trust by building a fair, resilient financial system. Increasing the number of adults with formal savings will require easier access to financial services, a growth in government cash transfer policies, and expanded economic opportunities.

According to the World Bank, 29% of adults worldwide saved formally at a financial institution in 2021, a slight increase from 27% in 2017. To reach 100% coverage by 2030, the share will need to grow eleven times faster than the historic rate.

Key enablers and barriers to change

2116: Countries with climate finance equity commitments

Countries committed to climate justice should ensure their in-country investments benefit underserved and marginalized communities, but few countries have made commitments to do so. This indicator will be updated as more countries make these commitments and when these commitments become better tracked.

2117: Adults that borrowed from a formal financial institution in the past year

Historical Data Methodology and Challenges:

Data was sourced from the Global Findex Database 2025 indicator: “Borrowed any money from a formal bank or similar financial institution, using a credit card, or using a mobile money account (%, age 15+).” Data for demographic groups are also shown by gender (men, women), income (poorest 40% and richest 60% of adults within each country), and by settlement (rural and urban).” Data is available for 2014, 2017, 2021 and 2024; 16 economies were surveyed in 2022 instead of 2021; settlement data is for 2024 only. The Findex Database did not report on data for this indicator for most high-income countries in 2024. Data is updated every three years. The World Bank defines the adult population as over the age of 15.

A key limitation of relying on this data is that access to credit, broadly, may influence the land sector, but the data does not specifically measure access to credit and borrowing practices for adopting improved management practices. Rather, this data assesses overall borrowing, which can vary. For instance, a country may score high in terms of access to credit, but little to none of this is invested in management practices. In contrast, another country may score minimally on overall access to credit but have significant borrowing toward management practices, especially if the right land-specific incentives are in place.

As financial inclusion expands, more people can access financial services like bank and savings accounts, and can begin to use lending from public and private financial institutions.

Loans provide funds that can unlock new health, educational and business opportunities, and an increase in consumer borrowing can circulate funds throughout communities and foster economic growth. At the same time, governments must closely monitor lending practices to prevent unsustainable borrowing and prohibit predatory lending that traps people into cycles of debt. Improving financial literacy can help individuals evaluate loans and identify risks.

While excessive debt in a household or economy can be dangerous, the widespread use of lending services is a good indicator of financial options. According to the World Bank, 15% of adults worldwide borrowed from a financial institution in 2014; this number increased to 24% by 2024. However, this figure varies widely across regions, as well as by gender and income level. These disparities stem from economic differences, limited institutional capacity and cultural norms, particularly affecting women, Indigenous Peoples and rural communities.

2118: Countries with financial inclusion strategies or payment systems

People can be excluded from financial services as a result of a range of demographic factors, including race, gender, age, income, occupation and geography. To remedy this, countries need to implement financial inclusion strategies that can expand financial services and payment systems to populations that lack them.

Financial inclusion strategies — such as financial consumer protection, financial literacy, gender-inclusive finance and microfinance expansion — support general social and economic development by strengthening the resilience of the most at-risk populations. Governments can coordinate with the private sector to create an infrastructure that facilitates access to financial services for all.

Payment systems that are accessible, efficient and secure play a critical role in expanding financial inclusion and can also serve as a gateway to additional financial services. According to the Alliance for Financial Inclusion, which tracks and promotes financial inclusion in 89 developing countries, 72 countries have national financial inclusion strategies, a 47% increase since 2018.

2119: Adults that received government transfers in the past year

Historical Data Methodology and Challenges:

Data was sourced from the Global Findex Database indicator “Received government transfers in the past year (% age 15+)” for the years 2011, 2014, 2017, and 2021.

Data is updated every 3 years and the latest update is 2021.

Government transfers (especially cash transfers) are a critical lifeline for vulnerable communities. They can foster greater financial inclusion and serve as an entry point into the formal financial system. Other forms of transfer payments related to welfare, such as education-related and unemployment benefits, can also promote economic resiliency and financial inclusion. Cash assistance coupled with other financial inclusion programs, such as savings programs in a regulated financial system, can further increase economic benefits to communities. Some countries are even integrating climate considerations into broader social protection programs — which include cash transfers — in order to build resilience and protect the vulnerable from the harmful impacts of climate change.

Transfer payments can also help build trust in the government’s financial infrastructure. While many transfer payment systems are based on economic needs, some advocate that universal payments build social solidarity. Government cash transfers can potentially provide opportunities for households to consider investments that could increase their climate adaptation capacity. According to the World Bank, 19% of adults worldwide received government transfers in 2021, an increase from 14% in 2017.

2120: Access to information and communication technologies

Historical Data Methodology and Challenges:

Data collected from the World Bank Database was sourced directly from the International Telecommunication Union (ITU) World Telecommunication/ICT Indicators Database.

Information and communication technologies (ICTs) — the internet, wireless networks, computers and mobile phones — are important factors for economic growth and financial inclusion.

Access to inexpensive and efficient ICT infrastructure enables underserved and/or marginalized communities to participate in the digital economy. These technologies can also play a role in poverty reduction by providing access to the formal financial system and reducing transaction and access costs.

ICTs have helped expand branchless banking services, which has improved financial inclusion and narrowed the financial gap for underserved and/or marginalized groups and rural populations. There is even some evidence that ICTs, when applied as part of a financial inclusion strategy, can accelerate economic growth and lower poverty and inequality. According to the International Telecommunication Union’s World Telecommunication/ICT indicators database, 74% of the world’s population used the internet in 2025.

2121: ATM availability

Historical Data Methodology and Challenges:

Global data was calculated by taking the average of the country-level data. The number of countries assessed per year varies: 2004: 123 countries; 2005: 138 countries; 2006: 146 countries; 2007: 154 countries; 2008: 163 countries; 2009: 166 countries; 2010: 169 countries; 2011: 175 countries; 2012: 176 countries; 2013: 174 countries; 2014: 181 countries; 2015: 182 countries; 2016-2017: 180 countries; 2018: 177 countries; 2019: 175 countries; 2020: 172 countries; 2021: 170 countries; 2022: 172 countries; 2023: 168 countries; 2024: 162 countries; 2025: 151 countries.

An automated teller machine (ATM) allows individuals to deposit and withdraw cash from their bank accounts without visiting a physical bank or interacting with a branch representative.

ATMs are part of the formal financial infrastructure and serve as an entry point for customers to access other financial services, such as savings and credit. They are an affordable option for countless consumers because cash remains a preferred choice of payment and exchange for many people, including vulnerable populations in high-income countries. Cash also provides privacy and autonomy benefits compared to electronic transactions, which can be tracked.

The number of ATMs per 100,000 adults provides an indication of the access a population has to withdraw cash. Data from the International Monetary Fund indicates that the number of ATMs per 100,000 adults increased in 70 out of 151 reporting countries between 2024 and 2025. During this period, the global average availability of ATMs slightly decreased  from 51.5 to 50.7 per 100,000 adults.

2122: Mobile money transactions per active account

Historical Data Methodology and Challenges:

No global data was available. Some countries are not reported, and some countries reported are missing values.

Mobile money accounts allow users to store, send and receive money on a mobile device. These services can include making a payment, taking out a loan or checking a bank account balance.

Because mobile money platforms are low-cost, accessible alternatives to traditional banking services, they are a viable means to provide financial services to underserved and/or marginalized communities. Access to mobile money can increase financial inclusion in rural populations that lack access to physical banks or ATMs.

Mobile financial services and mobile money payment systems can promote and expand financial inclusion, especially in low-income countries and communities where they often serve as gateways to other regulated financial services. However, governments must regulate and monitor mobile and other micro-lending services closely to protect consumers against predatory practices that lead to unsustainable debt traps. According to the International Monetary Fund, the average number of mobile money transactions per active account increased in 32 out of 45 reporting countries between 2024 and 2025.

2123: Availability of registered mobile money agents

Historical Data Methodology and Challenges:

No global data was available. Some countries are not reported, and some countries reported are missing values.

Mobile money encompasses a range of financial services that can be conducted on a cellular device. However, customers in many low-income countries still conduct most transactions using cash, and must rely on mobile money agents to process cash-in and cash-out transactions like deposits and withdrawals. These agents are often individual entrepreneurs who operate under a franchise-like business model; compared to ATMs and banks, they are usually better suited for low-income, low-density populations due to minimal setup and operating costs. 

An increase in the number of mobile money agent outlets can expand access to financial services, providing the critical infrastructure that customers need to deposit, withdraw and transfer cash efficiently and safely. According to the International Monetary Fund, 36 out of 47 reporting countries increased the number of registered mobile money agent outlets per 1,000 square kilometers between 2024 and 2025.

Other shift Other shifts needed to transform the system

Scale up public investment for climate and nature

Achieving climate and biodiversity goals requires strong government leadership, pressure for change from civil society, and coordinated monetary and fiscal policy to support large public investments.

Scale up private investment for climate and nature

Accounting for roughly two-thirds of economic activity, the private sector is integral in the transition to net-zero emissions. As the private sector perceives less risk and greater business opportunity in investments that protect climate and nature, climate finance flows will expand and the transition to net-zero emissions will accelerate.

Scale down investment harmful to climate and nature

Public and private investments continue to support activities incompatible with a sustainable future — the development of new fossil fuel reserves, overfishing, land-degrading agricultural practices and more. These financial flows must stop and be redirected to support a sustainable, decarbonized economy.

Ensure that the financial system accounts for climate- and nature-related risks

By integrating climate- and nature-related risks into decision-making, corporations and the financial system can accelerate the shift of capital toward investments that advance sustainable business transformation and support climate goals. Incorporating such risks also helps financial institutions and regulators monitor and manage risks at portfolio and systemic levels.