Baku, Azerbaijan — Trillions of dollars are needed to make poorer nations more resilient to climate change, and studies have estimated that every $1 invested today will save at least $4 in future.
So why is it so hard to raise this money, and what are some of the innovative ways of going about it?Developing countries, excluding China, will need $1 trillion a year by 2030 in outside help to reduce their carbon footprint and adapt to a warming planet, according to UN-commissioned experts.This money could come from foreign governments, big lending institutions like the World Bank, or the private sector.
This has posed enormous challenges at COP29, where nations are no closer to striking a long-sought deal to raise more money for developing countries.'You're seeing the political landscape -- governments are not getting elected to raise their aid budgets and send more money abroad,' said Persaud.
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