Rich countries now finance climate action with one hundred billion dollars a year, but the need for money is much greater.
The big UN climate summit COP29 will be held in November in Azerbaijan.
The UN has published a document detailing the preparations for the meeting. According to the document, there are major contradictions between the countries on how the actions to prevent climate change are financed.
At the moment, rich countries have pledged to finance the actions with an annual investment of one hundred billion dollars. In the opinion of the most vulnerable and underdeveloped countries to climate change, this amount is nowhere near enough.
The EU’s view is that the funding would be increased to well over a thousand billion dollars annually, but the countries’ own and private investments would also be counted.
The UN document presents seven different options for financing models.
Source: Reuters