Photo and Excerpt from theconversation.com
Finance is poisoning international cooperation on the climate crisis.
There is no longer any credible debate about the need to act on climate change, but tensions are flaring around the question of who should make the immense investments necessary to phase out fossil fuels and adapt to a more hostile climate.
The rift between richer and poorer countries has consequently revived and the negotiations have once more descended into acrimony. How can the finance fight be resolved?
Back in 2009, developed countries at the Copenhagen summit committed to provide developing countries with US$100 billion (£78.9 billion) of climate finance a year from 2020.
US$100 billion a year is just a fraction of the US$1.8 trillion that low- and middle-income countries need each year to reduce emissions and adapt to the impacts of climate change.
