One of the ideas behind climate financing is to support developing countries in steering their economies clear of climate-wrecking fossil fuels. Another is that wealthy nations should help poorer ones hit hardest by global heating to adapt to the changing climate.
Public funds from donor countries account for the largest share of climate financing. About half of this flows bilaterally from donor to recipient state, largely in the form of development aid. The other portion is multilateral money, meaning that multiple states give money to multiple other states.
But climate financing is perhaps most commonly associated with the pledge made by industrialized countries at the 2009 Copenhagen UN Climate Summit to raise $100 billion (95 billion) a year by 2020. In 2015 in Paris, delegates agreed to keep paying this amount annually until 2025 and then set a new figure.
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