Climate Politics
World’s Poor Nations Need $500 Billion of Climate Cash Per Year
- UN report paves way for tough negotiations at COP29 in Baku
- Developing world may demand up to $7 trillion in total by 2030
The UN report gives one of the most comprehensive evaluations of what is needed by the developing world.
Photographer: Ed Ram/Getty ImagesThis article is for subscribers only.
The world’s developing countries need around $500 billion of climate finance per year, according to a new report from the United Nations, which will pave the way for tough talks at this year’s COP29 climate summit.
The UN’s Standing Committee on Finance evaluated the costs required by 98 developing countries to enact their climate plans and found that — from as far back as 2015 — as much as $6.9 trillion in total may be needed by 2030, according to a report.