G7 leaders are set to call for richer developing countries such as China and Saudi Arabia to pay up for climate change, after UN negotiations failed to make progress on a new funding target to help poorer nations deal with global warming.
During the talks in Bonn, Saudi Arabia, on behalf of the Arab group, argued that developed countries led by the US and EU needed to provide $441bn annually in climate financing for developing countries. That could then be leveraged to raise more than £1tn, it said, arguing new taxes could help provide the funding.
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