Prediction
Participating countries agreed that at least $1.3 trillion a year should flow to the developing world by 2035 for climate-related purposes.
Predicted By: Participating countries at COP29 on an unknown date.
The Prediction Details
Full Prediction Statement
“At the Cop29 UN climate summit in Azerbaijan in 2024, countries agreed that at least $1.3 tn a year should flow to the developing world by 2035, to help countries cut greenhouse gas emissions and cope with the impacts of extreme weather.”
Predictor
Participating countries at COP29
Prediction Date
N/A
Prediction Published In
Don’t mention the climate: Trump creates ‘beyond absurd’ situation at global finance talks
Prediction Source
www.theguardian.comFulfillment Statement
by 2035
The Prediction in Context
Source: www.theguardian.com
Will we see the World Bank and IMF unable to respond to the majority of their members, because they are swayed by these powerful minorities?” Under its current CCAP, the World Bank Group aims to devote 35% of all its funding to climate-related activities, half of which should be for adaptation, and the group has also moved to end most finance to fossil fuels, though loopholes remain. The World Bank is the biggest single source of climate funding, and many donor countries channel their climate finance largely through the multilateral development banks. At the Cop29 UN climate summit in Azerbaijan in 2024, countries agreed that at least $1.3tn a year should flow to the developing world by 2035, to help countries cut greenhouse gas emissions and cope with the impacts of extreme weather. Developed countries committed $300bn a year of that total, and reaching the target cannot happen without the World Bank. In the World Bank Group’s last financial year, from 1 July 2024 to 30 June 2025, 48% of financing qualified as having climate co-benefits under its methodology.