Rich nations delay new climate finance plans
The gist
Wealthy countries have delayed new climate finance plans, with pledges down over 70% to $11.7bn a year.
Developing economies say the gap leaves them unable to plan spending or attract investment.
How it unfolded
- Nov 25, 2024The COP29 deal set rich countries to lead in paying US$300 billion a year to the poorest nations by 2035, less than a quarter of what developing countries asked for.
- Jul 11, 2025Board members from developing nations said wealthy nations risked undermining the loss and damage fund's plan to deliver $250 million in aid; rich nations had pledged $789 million but transferred only $348 million.
- Oct 29, 2025UNEP's Adaptation Gap Report 2025 said the COP29 goal of at least US$300 billion a year by 2035 is insufficient to close the finance gap, and the goal of doubling public adaptation finance to about US$40 billion by 2025 would not be met on current trends.
Key terms
- COP31
- The 31st yearly meeting of parties to the UN climate treaty, where governments assess and negotiate climate action.
- loss and damage fund
- A fund to help developing countries cope with the unavoidable economic and non-economic harms caused by climate change.
- NDCs
- Countries' pledges under the Paris Agreement to cut greenhouse gas emissions and meet global temperature goals.
Source: Wikipedia