Reuters
[Photo Credit: Reuters]
With typhoons tearing across Southeast Asia this week while areas of Jamaica and Brazil are still clearing debris from damaging storms, delegates at Brazil’s COP30 summit began grappling with how best to help the vulnerable withstand worsening weather and other climate extremes.
The topic of “adaptation” has grown more important as countries fail to rein in climate-warming emissions enough to prevent extreme warming linked to increasingly frequent weather disasters across the planet. A U.N. report last month said developing countries alone would need up to $310 billion every year by 2035 to prepare.
Where that money will come from is unclear. Ten of the world’s development banks, under pressure to free more cash for climate action, said on Monday they would continue to support the need.
Separately, the director of a multipartner U.N. fund told Reuters it would soon announce a new impact bond aimed at raising $200 million by the end of 2026.
The fund, which also works to plug gaps in weather data for developing countries, hopes for country donations this week during COP30.
On Monday, Germany and Spain pledged $100 million to a different effort, the multilateral Climate Investment Funds (CIF), which is financing projects to boost climate resilience in developing countries.
The organization’s chief praised Brazil for featuring the issue as a COP30 focus, after years of seeing the issue slide down U.N. climate summit agendas.
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