$2.4 tn needed annually by 2030 in developing countries to meet climate goals and protect their societies from extreme weather.
The Arab group of countries suggest a UN target of US$1.1 trillion per year, with US$441 billion coming directly from developed country governments in grants.
Loans provided at market rates, export credits should not count, as climate funding offered as loans is pushing poorer nations further into debt."
"Diplomats meet every June in Bonn to try and advance the stickiest points in climate negotiations so that political leaders can finalize agreements at the year-end COP summit.
At this year's Bonn talks, which run until June 13, the main issue is money — how much wealthy nations should pay to help low-income nations cope with climate change."
"Given the spiralling costs of deadly heatwaves, droughts and rising sea levels, the new #ClimateFinance target is expected to be far larger than the existing U.N. commitment of rich countries to spend $100 billion per year from 2020, a target they failed to meet on time.
A draft statement for a meeting of #EU foreign ministers later this month showed the 27-nation country bloc will argue the oil and gas sector should also contribute."
Unable and/or unwilling to cough up even the inadequate $100 bn a year in #ClimateFinance to developing countries, now EU countries are pointing their finger at the #FossilFuel industry and saying the polluter needs to pay.
Last year Big Oil and Gas made over $300 bn in profit by wrecking the planet, so it's not unreasonable that they be asked to pay for adaptation and resilience building in poor countries.
OpEd from Bangladesh:
"It simply defies common sense that the world powers are allocating big chunks of their national budget worth hundreds of billions of dollars to finance wars in Ukraine and the Middle East, when climate change-induced extreme weather events are wreaking havoc everywhere."
Stiglitz "said rich countries should support the creation of $300bn of #IMF special drawing rights (SDRs) each year to finance a global green transition."
But the devil is in the details: if this money comes in the shape of high interest loans that's not helping developing countries, that's loansharking.
"Stiell called for the #WorldBank and governments to “step up the pace” on #ClimateFinance, including by addressing new sources of funds. These could include a frequent flyer levy and taxes on the carbon emissions from #shipping.
He called for reform at the development banks, [and] changes to the banks’ lending practices that would give poor countries greater access to finance."