Climate Aid Reaching $62 Billion Placates Developing World
- Assistance in 2014 rose almost 20% from levels in 2013
- Climate finance is key to reaching deal on global warming
A chemical factory discharges exhaust into the air in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Aid for projects designed to help developing nations cut emissions and cope with global warming rose to $62 billion last year, suggesting richer nations are starting to make good on their promises to boost payments to $100 billion by 2020.
Payments in the form of support from governments and investment from companies rose by almost a fifth since 2013, according to a report on Wednesday from the Organization for Economic Cooperation and Development and the Climate Policy Initiative. About $10 billion a year was flowing in the three years through 2012.