To combat global climate change, developed countries should take lead in mitigating GHG emissions and provide financial support to developing countries. According to the UNFCCC and its outcomes, developed countries have committed quantified economy-wide emission reduction targets and pledged to mobilize annually US$100 billion climate finance by 2020. Based on various data sources, a stock-take on the progress in achieving those targets has been conducted, and it shows that developed countries 2020 mitigation targets are lack of ambition, the accounting rules of the targets are still unclear, and some of the developed countries are not on track to meet their 2020 targets; on finance, the definition and scope of climate finance are contentious. The current estimation of climate finance flows shows a significant gap comparing with the US$100 billion target. The finance mechanisms under the UNFCCC need to be further strengthened and the financial needs of developing countries are still rising. The gap in honoring 2020 targets of developed countries could harm the trust among Parties and could be seen as an intention to shift the obligations to developing countries. Therefore, in the UNFCCC process, China and its developing country allies should keep urging developed countries to honor their 2020 commitments and enhance ambition.