Developing nations will need more than $1 trillion each year to make significant progress in climate transition, according Mari Pangestu, a former World Bank official.
The lack of funding resources has made it challenging for those countries to reduce their high carbon emissions and shift to clean energy, she noted. This has led to tensions between developing nations and the developed world, which are pushing for more progress in climate related issues. "The estimate is like $1 [trillion] to $3 trillion a year for developing countries to be able to transition," she told CNBC's "Squawk Box Asia" on Thursday.
"This debate is going to continue unless developed countries can see that this is about development and climate — not just about climate," Pangestu, a former trade and tourism minister for Indonesia, said.