August 6, 2023

Developing nations will need more than $1 trillion each year to make significant progress in climate transition, according Mari Pangestu, a former World Bank official.

“The estimate is like $1 [trillion] to $3 trillion a year for developing countries to be able to transition,” she told CNBC’s “Squawk Box Asia” on Thursday.

The lack of funding has made it difficult for those countries to reduce their high carbon emissions and shift to clean energy, Pangestu added. This has led to tensions between developing nations and the developed world, which are pushing for more progress in climate related issues.

Read more:

https://www.cnbc.com/2023/08/07/over-a-1-trillion-needed-for-developing-nations-climate-transition.html