Public money must be at core of new climate pact: UNs Stiell [Video]

The UN’s climate chief said Thursday that money from rich countries “must be at the core” of a new deal to increase funding for poorer nations to combat global warming.

The developing world needs trillions of dollars to help fund clean energy and prepare for climate change, but the world cannot agree how to raise the money.

It is hoped nations can resolve this at next month’s UN COP29 climate summit despite rifts over how much is needed, what is covered, who pays for it, and how.

Wealthy nations most responsible for global warming to date, like the United States and European Union, are obligated to pay and face pressure to raise their existing commitment of $100 billion a year.

But they say they cannot foot the bill alone, and want others to help meet whatever ‘climate finance’ goal is inked when nearly 200 nations gather for COP29 in Azerbaijan.

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