In Baku, Azerbaijan, the so-called “finance-Cop” was a disappointment. Now, the UN’s framework convention on climate change (UNFCCC) is facing a credibility crisis.
A key failure in Baku was about how much money developing nations will be paid for adaptation projects that help communities and infrastructure withstand the impacts of climate change. The outcome included US$300 billion (£239 billion) for both adaptation and mitigation with no clarity on whether this will be in the form of grants or loans. This falls far short of what developing countries need.
