Global efforts to curb climate change can't happen without more aid. Rich countries promised $100 billion to poorer ones to cope with global warming — but 7 years later, they've yet to deliver.
Now, rampant inflation and an energy crisis caused by Russia's war in Ukraine could complicate efforts to convince developed nations to make good on their financial commitments.
"Developed countries know that if we are to reach our global emissions reduction targets that everybody has signed up to, that developed countries need to have credibility and need to have trust established with developing countries," says Tonkonogy."And this question of finance is one of, if not the most critical components of establishing that trust." shows developing countries received $83.3 billion from public and private sources in 2020.
"We have incurred debts for COVID, we have incurred debts for climate, and we have incurred debts now in order to fight this difficult moment with the inflationary crisis and with the absence of certainty of supply of goods,".
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