UN: Climate Funds to Help Poor Nations Are Withering

International funding to help developing countries withstand climate disasters is slipping, according to a new United Nations report. Wealthy nations contributed about $26 billion for climate adaptation in 2023—a 7% drop from $28 billion the prior year—making it "unlikely" they'll meet a key pledge to provide at least $40 billion annually by 2025. And even that target is well short of what's actually needed, with the UN's report providing an updated estimate of $310 billion to $365 billion needed each year by 2035, reports the New York Times.

"This makes adaptation financing needs in developing countries 12-14 times as much as current flows," per the report. President Trump won't be joining other world leaders in Belem, Brazil, for the annual UN COP30 summit on climate change, and the Times notes "those talks are already getting off to a rocky start." It cites a separate Tuesday UN report that found two-thirds of countries have missed a stated deadline to update their emissions-curbing plan. Reuters reports COP30 summit president Andre Correa do Lago said he will work to produce a "package of resources" for adaptation financing during the summit. Reuters notes "COP summits to date have not yielded major increases in funds for climate adaptation."