Rich Countries Meet Overdue $100 Billion Climate Finance Pledge, But Vastly More Needed as Climate Impacts Accelerate
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Rich countries have finally met their $100bn per year climate finance pledge to developing countries, but this comes 2 years after the 2020 deadline.
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The pledge was first made in 2009. In 2021, $89.6bn was provided, exceeding the $100bn target based on preliminary 2022 data.
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This delivers a boost before the upcoming Cop28 climate talks in Dubai, helping rebuild trust between developed and developing countries.
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But much more climate finance is needed, potentially $2tn per year by 2030, as effects of climate change have grown since 2009.
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Most finance will need to come from redirecting private sector investments away from fossil fuels towards clean energy. Public climate finance alone is insufficient.