The agreement reached in Baku signifies a commitment to mobilize $300 billion annually by 2035 for climate finance, yet falls drastically short of the $1.3 trillion needed by 2030.
Vanuatu's experience, losing half its GDP from severe cyclones, illustrates how less wealthy nations must borrow for recovery, exacerbating their foreign debt in the wake of climate disasters.
With climate disasters accounting for significant portions of national debts in countries like the Bahamas and Dominica, the financial burden continues to grow, highlighting the urgent need for more robust climate financing.
As the IMF warns of soaring global public debt exceeding $100 trillion and 93% of world GDP, the climate finance gap remains a critical issue requiring immediate international attention.
#climate-finance #international-court-of-justice #debt-crisis #vulnerability-to-climate-change #un-climate-conference
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