Over a decade ago, developed countries promised to mobilize $100 billion a year by 2020 to help poor countries deal with the worst impacts of global warming and invest in green energy sources. But they almost certainly missed their goal last year amid a pandemic that upended economies.
Rich countries are racing to close a climate-finance shortfall of at least $10 billion, with a handful of European nations planning to increase their pledges this month ahead of crucial talks in Glasgow, Scotland.