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Billions in the fight against climate change

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The rich industrial nations have pledged to support climate change in poorer countries with $ 100 billion a year from 2020 onwards. According to the „Financial Times“, funding is increasing.

Money is considered a key factor in saving the planet. Many experts believe that investing as much as possible in climate protection in the poorer nations of the world as quickly as possible will perhaps avert the greatest ecological catastrophe.

But the global community is obviously still a long way from that goal. According to an evaluation by the UN, reported by the Financial Times („FT“) on Friday, there is currently a huge gap in the planned financing of climate protection in developing countries.

The rich industrialized nations had set themselves the goal of mobilizing $ 100 billion a year from public and private sources of climate protection in developing countries each year. This pledge was one of the main arguments in favor of poorer nations signing the Climate Agreement in 2015. The industrialized countries had promised to work out a concrete roadmap for achieving the $ 100 billion target.

However, according to the Financial Times, the industrialized nations made only around $ 55 billion in climate change aid in 2016. If you add private investment, you get just over $ 70 billion. According to the newspaper, it is not clear how to increase funding to the agreed amount by 2020. Forecasts for the coming years are therefore missing in the report.

After all, the investments for climate protection in developing countries have increased by 20 percent compared to 2015, writes the „FT“ on. Christiana Figueres, the former secretary-general of the United Nations Framework Convention on Climate Change, told the newspaper that she was confident she would reach the $ 100 billion target. „We are on course,“ she said.

The $ 100 billion target is likely to be a major theme at the Climate Change Conference, which begins on December 3 in the Polish city of Katowice. „There is a very big debate about mobilizing funding,“ said Poland’s Energy Minister Michal Kurtyka of the „FT.