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After two weeks of intense negotiations at the UN climate conference here, countries are facing an ‘X’ sitting in a bracket instead of a clear figure for the trillions of dollars needed to help developing nations fight climate change — a problem they did not create.
Developed countries, which built their economies on fossil fuels and are responsible for most of the greenhouse gas emissions driving climate change, are still avoiding a key question: how much climate finance will they provide to developing countries each year starting in 2025? At the UN climate conference in Baku, they are required to update the climate finance goal of USD 100 billion agreed upon in 2009 to at least USD 1.3 trillion per year to meet the needs of developing countries amid the intensifying impacts of climate change. – Bloomberg
