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The world’s richest nations have made considerable global financing promises —including the $300 billion annual pledge for climate. But in the last few months aid budgets have been slashed across Europe and in the United States, even as financing is diverted to projects that have little impact on greenhouse gas emissions. Meanwhile, attempts to unlock trillions in private investment using billions in aid have comprehensively failed. How can we effectively fund both climate action and development when current financing approaches are falling woefully short?
