U.S. Pressures Threaten $1.3T Climate Funds

The $1.3 trillion international climate finance plan is at risk of stalling, as increasing US pressure is mounting on multilateral development banks and countries to cut funding allocated for climate change mitigation. Sources have reported that banks such as the Development Bank for Latin America and the Asian Development Bank are considering abandoning specific climate finance targets, especially after the World Bank’s June decision to cancel its goal of allocating 45% of its funding to projects with joint climate benefits. The pressure has focused on reducing the funding shares, which were around $103 billion in 2024, with expectations that this will lead to a decrease in international contributions—particularly from countries like the UK and Germany, which have already significantly cut their contributions. This threatens the achievement of global goals to finance developing countries with up to $1.3 trillion annually by 2035. The decline in funding hampers countries' efforts to confront climate challenges, amid warnings of severe consequences for adaptation measures and global sustainability efforts.

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