BONN, Germany — Climate finance has emerged as a critical issue at the U.N.’s annual midyear climate talks, with developing nations pushing for more financial support from wealthier countries to address the impacts of climate change.
While negotiations at the Bonn Climate Change Conference are ongoing to determine the specifics of a new global climate financial goal, a central point of contention revolves around the responsibility of developed nations to provide resources to their lower-income counterparts.
“There will be no climate action without climate finance,” Mohamed Adow, director of Power Shift Africa, said Monday at the beginning of the conference’s second week, stating: “The whole point of these negotiations is finance.”