Rich Nations Must Form 'Climate Finance Clubs' to Avoid Climate Catastrophe
2025-03-13
The COP29 climate summit failed to secure sufficient funding to meet the Paris Agreement's goal of limiting global warming to 1.5 degrees Celsius. High-income countries pledged at least $300 billion annually to low- and middle-income countries by 2035, but their own contributions remain unspecified, and the diverse funding sources are inefficient. The article urges high-income countries to form 'climate finance clubs' to provide grants, not loans, prioritizing nations committed to emission reductions. This approach would facilitate decarbonization, prevent massive economic losses from climate change, and ultimately achieve global emission reduction targets.
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