But nowhere near this amount has been committed. At last year's UN COP29 summit in Azerbaijan, rich nations agreed to increase climate finance to $300 billion a year by 2035, an amount decried as ...

At COP29, countries will attempt to agree on what the new, higher annual climate finance target of the NCQG should be, with some arguing that the figure should run into the trillions.

At COP29, multilateral development banks (MDBs) led by the World Bank Group estimated they could provide $120 billion annually in climate financing to low and middle income countries, ...