At least $1tn a year is needed to help poorer nations mitigate climate change, but the gap remains significant despite commitments from developed countries.
Countries meeting in Baku are exploring innovative financing options, such as levies on high-carbon activities and taxes on wealth, to address the climate financing gap.
Reform of the World Bank and international banks could unlock billions in climate finance by making it easier for developing nations to access funds.
Many developing countries find climate finance from institutions like the World Bank to be meagre and bureaucratic, calling for urgent reform to facilitate investments.
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