Wealthy nations are set to fulfill their long-delayed promise of providing $100 billion in climate finance to developing countries this year, according to Germany's foreign minister Annalena

Baerbock. The pledge, made in 2009, was to transfer $100 billion annually from 2020 to countries suffering from severe climate change impacts. While the amount falls short of the actual needs of poor nations, its failure to materialize has resulted in distrust in climate negotiations.

Developing economies have argued that they cannot cut CO2 emissions without support from rich nations. The wealthy countries provided $83.3 billion in 2020, $16.7 billion short of the target. Meeting the goal could unlock progress in other areas of climate negotiations this year, said Dan Jorgensen, Denmark's minister for global climate policy and development. Photo by Scheint sinnig, Wikimedia commons.