Climate Finance is large-scale investments required for actions aiming to mitigate or adapt to the consequences of climate change
Fund aims to bridge the climate finance gap, targeting $250 billion in additional investments by 2030
Mitigation reduces greenhouse gas emissions, while adaptationminimizes climate changeimpacts, including resilient infrastructure against sea-level rise
Developing nations' demand financial support from developed countries, citing the latter's historical emissions as a major contributor to the current climate crisis
Developed nations yet to fulfill the $100 billion/year pledge by 2020, causing global tensions
Developing countries need at least $5.8 trillion by 2030 to meet their Nationally Determined Contributions (NDCs), equating to around $600 billion annually
Extreme weather costs are addressed separately under COP28's loss and damage funding, but details on scale and replenishment are unclear
Higher-income countries are criticized for providing non-concessional loans, contributing to debt pressures
Study by CARE International reveals that 52% of climate finance from rich countries was diverted from development budgets