Developing Nations Want $1.3 Trillion A Year
OCTOBER 30, 2022
tags: aid
By Paul Homewood
Most of the world’s developing countries have backed a demand for wealthy nations to channel at least $1.3 trillion in climate finance to them annually starting in 2030, the opening salvo in one of the most contentious negotiating topics at the COP26 climate summit.
African nations and a group called the Like-Minded Developing Countries, which includes China, India and Indonesia, said in a document they submitted to the United Nations at the summit that half the money should go toward funding renewable energy in the developing world and half toward protecting these countries from the effects of global warming.
Developed nations have long pledged to help pay for developing nations to respond to climate change. That promise was crucial to sealing the Paris accord in 2015, when the U.S., Europe and other wealthy countries agreed to provide $100 billion a year from 2020 through 2025.
The $1.3 trillion target for mobilizing funds reflects the huge investments that will be needed after that to reach the climate targets of the Paris accord, the paper says.
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