Rising sea levels, worsening droughts, and deforestation put vulnerable populations at risk, with funding lagging behind needs

Leaders from developing countries have sharply criticised wealthy nations at the United Nations General Assembly for failing to meet long-standing commitments to finance climate adaptation and mitigation. They warned that rising sea levels, worsening droughts, and deforestation threaten vulnerable populations and economies, and that funding has fallen far short of what is required.

Despite a 2009 pledge to provide USD 100 billion annually, rich nations only reached this target in 2022, two years later than promised. At last year’s UN climate summit, a new agreement aimed to deliver USD 300 billion per year to developing nations by 2035. Experts contend that this figure remains inadequate, with estimates suggesting at least USD 1 trillion annually will be needed by the decade’s end.

Delegates from developing countries emphasised that financial support is essential to address climate impacts caused largely by industrialised nations. Data from Our World in Data shows that since the Industrial Revolution, the United States has been the largest cumulative emitter of greenhouse gases, underscoring calls for accountability and increased funding to mitigate the climate crisis.

The message from the General Assembly is clear, without significant financial intervention, the world’s most vulnerable economies risk being left exposed to the escalating consequences of climate change.