Why climate finance is not enough

With the UN Climate Change Conference known as COP30 opening in Belem, Brazil, this week, it is clear that the world’s widely shared commitment to a just energy transition is falling by the wayside. In the year since governments signed on to the agreement at COP29 to scale up climate finance — with a goal of mobilizing $1.3 trillion annually by 2035 — wealthy countries have been retreating from their financial pledges. Worse, these signs of bad faith are coming just as the costs of climate adaptation and decarbonization in developing countries are mounting.

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