At the latest UN climate meeting‚ countries made a big-money promise: developed nations should give $300B yearly to less-wealthy countries for climate action (but thats not the whole story)
The deal sets two key targets:
- $300B yearly from rich countries by 2035
- $1.3T total yearly investment from all sources
- Money flow through world banks and funds
- Private sector involvement expected
This new plan looks like the old Copenhagen deal from about 15 years ago — which aimed for $100B yearly and had lots of problems with counting money properly. Rich countries say they hit that target couple years ago but nobody really agrees on that
The World Bank and similar big-money groups will handle most cash-flow‚ since direct country-to-country help isnt working so well. China chips in about $4.5B yearly even though it dont have to. Private companies should help too but theyʼre not doing great at it: less than 20% of climate money comes from them
Getting to $1.3T needs some serious changes in how global money works. Many poor countries need help with their debts first — you cant invest in climate stuff if youre busy paying old loans. The G-20 group made a road-map for fixing this but its gonna take time
The whole deal costs about 1% of world GDP (thats half of what we spend on military stuff). Without this help developing countries — who make up two-thirds of new pollution growth — cant really cut back on fossil fuels. Its cheaper to help now than deal with climate problems later: floods droughts and economic trouble cost way more in the long-run