Developing countries have been repeatedly saying that this would cost “trillions of dollars”. A crucial point that is to be resolved is making a clear distinction between the NCQG and climate finance in general. Climate finance technically includes every dollar that is even remotely connected to some aspect of ‘climate’ and therefore includes profit-making business investments as well. By this metric, there is agreement that global climate finance flows in 2021-2022 increased by 63% compared to 2019-2020, reaching an annual average of $1.3 trillion. Also Read: ‘Unwieldy’ first draft at Baku sets 2030 goal of $5 trillion for climate action‘Hanging by a thread’Representatives from several developing countries expressed dissatisfaction at the state of progress.

Source: The Hindu November 21, 2024 19:50 UTC