China’s assumption of responsibility for climate finance is important because the United States seems to be withdrawing from policies to prevent climate change
10:36•Updated 10:41
In the ongoing climate negotiations in Baku, Azerbaijan, the participants are trying to find an agreement on how to pay for the actions needed to prevent climate change and the adaptation of poor countries to a warming climate.
The spirit of the negotiations is that the money must be spent now, because later the problems will be even more critical and handling them will be even more difficult.
Experts estimate that about one trillion dollars, or one thousand billion dollars per year, should be reserved for global climate action.
The current target level of one hundred billion per year was reached in 2023, albeit two years late.
An agreement seems far away at the moment. It is considered essential that China be included among the payers. This is important as the US appears to be pulling back on climate action with its new Republican administration.
Positive development can be seen from the direction of international development banks, such as the World Bank. They are willing to increase their contribution significantly, as is the private sector.
Source: Reuters