Germany promises 6 billion euros annually for climate financing

trillions of dollars are required. We must urgently increase the amount of financing for climate action”, says in a statement signed by leaders who are part of the so-called “Supreme Environment Coalation COP29”.

“The climate crisis will deteriorate exponentially if we don't act now”, the statement said.

Developed “Developed countries must continue to take the lead and meet existing financial commitments. Innovative funding sources must be developed”, according to the statement.

Germany, France, Spain, and Canada, as well as some island countries and African countries, supported the appeal.

Germany has promised 6 billion euros (6.4 billion dollars) annually for climate financing starting next year.

But previous budget plans revealed a lack of collection of these funds, and climate activists have warned that Germany risks losing credibility if it fails to meet commitments.

Italy's climate stance has worried partners since the election of far-right Prime Minister Giorgia Melon.

She declared in Baku that she had no intention of withdrawing from the international fight against the climate crisis.

A approach that remains highly ideological and not pragmatic on this issue is at risk of driving us off the street to success”, Melon said in Azerbaijan's capital.

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