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Experts put the need close to USD 1 trillion while developing nations have said they would need USD 1.3 trillion in climate finance
At the United Nations climate talks in Baku, Azerbaijan, negotiators are working on evolving a new targeted fund for developing nations to adopt clean energy, and climate change, and to cope with weather disasters. Experts put the need close to USD 1 trillion while developing nations have said they would need USD 1.3 trillion in climate finance.
But negotiators are talking about different types of money as well as amounts, involving a complex package of grants, loans, and private investment. Whatever the form of the finance, Ireland’s environment minister Eamon Ryan said it would be “unforgivable” for developed countries to walk away from negotiations without making a firm commitment toward developing ones.
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Kenya’s special envoy for climate Ali Mohamed said that most developing nations are in agreement that funds for climate finance need to be at USD1.3 trillion. That’s a similar figure to one proposed by independent U.N. experts last week. The developing world urged the developed countries to commit sincerely to climate plans, which are affecting millions of people for no fault of theirs.
