COP29 Summit: Tensions Rise Over $250bn Climate Finance Proposal
At COP29, a draft deal proposes $250 billion to aid poorer nations in tackling climate change. Currently, richer countries contribute over $40 billion annually, with additional funds from international development banks. Experts suggest these banks could raise $200 billion more by lending at low rates. By reducing investment risks, private investors could unlock $500 billion annually for clean energy in developing countries. Additional funds could come from new contributors like China and innovative levies on aviation, shipping, and billionaires.