Finding the finance needed to stave off the worst impacts of the climate crisis will be “a very steep mountain to climb”, the UN has conceded, as two vital international conferences failed to produce the progress needed to generate funds for poor countries.
With less than five months to go before the Cop29 UN climate summit in Azerbaijan in November, there is still no agreement on how to bridge the near-trillion dollar gap between what developing countries say is needed and the roughly $100bn a year of climate finance that flows today from public sources in the rich world to stricken developing nations.
