$1.3 trillion climate funding plan for developing nations
Finance ministers from 35 countries just rolled out a big plan: raise $1.3 trillion every year by 2035 to help developing nations fight climate change.
Shared on October 15 in Washington, this five-point roadmap is set to shape talks at COP30 this November in Brazil.
The main moves? More affordable finance, reforms for global development banks, stronger local funding options, private investment incentives, and better rules for tracking climate money.
Addressing the climate funding shortfall
Developing countries are staring at a massive $2.4 trillion yearly need in climate funding by 2030, with a significant gap especially for projects that help them adapt to climate change.
This new plan aims to close that gap with smarter coordination, creative financial tools, and more transparency (think: clearer carbon markets and standards).
If it works out, it could be a game-changer for how the world tackles the climate crisis—though some big players like the EU and Australia haven't officially signed on yet.