The amount of funding provided to developing countries to help them adapt to the effects of climate change falls far short of the $359 billion a year needed even after the largest annual increase to date, a UN report shows.
The U.N. Environment Programme's annual report showed that financing from advanced economies reached about $28 billion in 2022 after an increase of $6 billion, the largest in any year since the 2015 Paris Agreement to try to limit the effects of global warming.
According to the United Nations, "the world is on track to exceed its target of limiting temperature rise to 1.5 degrees Celsius above the pre-industrial average by 2050, and is heading for a temperature rise of 2.6 and 3.1 degrees Celsius."
