"Pay now to help poorer countries cope with climate change or pay more later, negotiators were warned on Thursday as experts said poor states need at least $1 trillion per year by the end of the decade to move to greener energy and protect against extreme weather.
Money is a central focus of the COP29 climate talks being held in Azerbaijan and the success of the summit is likely to be judged on whether nations can agree on a new target for how much richer nations, development lenders and the private sector must provide each year to developing countries to finance climate action.
A previous goal of $100 billion per year, which expires in 2025, was met two years late in 2022, the OECD said earlier this year, although much of it was in the form of loans rather than grants, something recipient countries say needs to change."
Kate Abnett, Olesya Astakhova and Virginia Furness report for Reuters November 14, 2024.
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