Concerns over unequal access to climate finance have emerged at the United Nations General Assembly, with developing countries calling for more affordable funding to help them respond to climate change and recover from disasters.
The discussions in New York come ahead of the COP31 climate summit in Turkey in November, where financing for climate action is expected to remain a major issue. Turkish President Tayyip Erdogan said countries cannot be expected to move at the same pace on climate policy while major inequalities remain in access to finance and technology.
Nepal’s Prime Minister Balendra Shah also urged wealthy nations to provide more grant-based support after a glacier-related flood caused extensive damage to infrastructure and livelihoods. He said Nepal’s recovery and reconstruction needs were equivalent to about 10% of its gross domestic product, warning against forcing vulnerable countries to take on additional debt after climate disasters.
The UN’s climate finance discussions have highlighted the uneven distribution of investment. UN discussions noted that about four out of every five dollars invested in clean energy go to advanced economies and China, while many developing countries face high borrowing costs and heavy debt burdens.
Britain, the European Union and Canada announced additional climate-finance commitments during the week as pressure grows for stronger international support.
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