Analysis - Global leaders should keep in mind that the benefits of climate financing far outweigh the costs of implementing them.
events can turn on a dime, and go from bad to worse. Business as usual will only intensify global warming, and worsen floods, droughts, and heatwaves. Money and action are needed at scale to turn the tide.by 2030 to implement their climate goals. This works out to about $1.3 trillion per year, which is the new collective quantified goal on climate finance set by the Africa n Group of Negotiators that wealthy nations - heavy polluters - must offer developing nations from next year.
More importantly, we expect it to be concessional finance and grants, especially for adaptation and loss and damage. Africa has contributed the least to climate change but finds itself in theThe NCQG should be flexible enough to respond to the global economic shocks, high capital costs, and debt sustainability issues.
Similarly, developed countries, led by the US, should provide climate leadership, unlock more climate funds, and work to restore trust in the multilateral system.
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