A man wearing a mask walks through smog in Beijing, China. File photo: REUTERS/JASON LEE
Even before they have achieved that goal, countries are discussing how the next target will be set for climate finance after 2025. Who pays into it is under discussion at COP27, the annual UN climate change summit currently being held in Egypt. “The world has fundamentally changed. And so we would expect that the convention and the rules here and who pays would also adjust to the fact that there is thankfully ... much more wealth in a number of emerging economies,” she said, speaking at COP27 in Sharm El-Sheikh.
Beijing contributes some climate finance and said this week it would be willing to support a mechanism for compensating poorer countries for losses and damage caused by climate change, but said that would not involve contributing cash.