Financing pledges from high-income countries, whose wealth was built through polluting industries, were rolled out in both the public and private sectors. A coalition of the world’s biggest investors, banks, and insurers said it would leverage its $130 trillion in capital
to hit net-zero emissions targets in their investments by 2030. And a group of heavy-hitting philanthropic foundations and international development banks announced a $10.5 billion fund
to help emerging economies transition to clean energy.
Rich countries also moved closer to their $100 billion–a–year
climate funding promise, but the money is both years late and still not a guarantee. The United States, for example, agreed to double its climate funding for low-income nations, to $11.4 billion each year, but that funding is subject to congressional approval. The bottom line: The money remains a real sticking point for the broad progress we need to see on climate.