In 2022, developed nations surpassed their climate finance target of $100 billion, achieving $115.9 billion, which reflects a significant increase in contributions, notably from the US and multilateral development banks. Looking ahead, these countries have pledged to increase climate finance to at least $300 billion annually by 2035, specifically targeting clean energy projects in African nations and adaptation initiatives in climate-vulnerable regions.
Australia’s $70 billion Capacity Investment Scheme (CIS) aims to accelerate clean energy investments while ensuring equitable participation for First Nations communities through contractually binding social outcomes. This initiative requires project proponents to engage with impacted First Nations to ensure fair benefit sharing.
C40 cities are actively committing to halve fossil fuel use by 2030, implementing measures such as electrifying transport fleets and creating clean energy utilities, thereby facilitating a just transition away from fossil fuels.
Additionally, the WHO, in collaboration with the Brazilian Government and philanthropies, has pledged $300 million to strengthen health systems against the climate crisis, highlighting the urgent risk that one in twelve hospitals may face climate-related shutdowns. This initiative is part of ongoing efforts to address the intersection of climate change and public health, emphasizing the necessity for adaptation in vulnerable regions.
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Places mentioned in this update: African nations, Amazon, Australia