China Pledges $80 Million for ‘South-South’ Climate Aid
China announced about $80 million over three years in new funding for international climate aid during the UN climate conference in Lima earlier this week.
The new “South-South” fund caps a week that China spent “chiding wealthy nations for failing to make tracks on a $100 billion annual funding pledge by 2020 to help poor countries, and prodding them to put more money into the new Green Climate Fund,” E&E Publishing reports.
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“The fund was lauded by U.N. officials as a groundbreaking way to spark clean energy projects in the developing world, and to enable countries with little money but long experience coping with weather-related disasters to enter into partnerships and learn from one another,” Friedman writes. “But with China poised to inject $1 trillion in direct foreign investment over the next decade—much of that focused on extractive industries in Africa, Latin America, and elsewhere—others cautioned that the fund will require transparency measures to ensure it will be truly green.”