According to the United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance, climate finance is "finance that aims at reducing emissions, enhancing sinks of greenhouse gases, and reducing vulnerability of, and maintaining and increasing the resilience of, human and ecological systems to negative climate change impacts." Climate finance refers to public, private, and alternative financing that is used to support mitigation and adaptation efforts to address climate change on a local, national, or global level. Development banks and private financing had not yet fulfilled the US$100 billion per year investment target set by the UN climate discussions for 2020 as of November 2020. 450 development banks, however, have offered to fund a "Green recovery" in underdeveloped nations in the wake of the COVID-19 pandemic's economic crisis. Climate change was addressed by 43% of EU businesses during the COVID-19 epidemic. Despite the impact of the pandemic on businesses, the percentage of companies planning climate-related investments increased to 47%. This was an increase from 2020, when climate-related investment accounted for 41% of total investment. Because large-scale expenditures are necessary to considerably cut emissions, climate finance is required for mitigation. Climate finance is also critical for adaptation, as large financial resources are required to adjust to the negative effects of climate change and mitigate its consequences.