New: A daily newsletter defining what matters in business and markets

Stories

Global climate aid rises but remains short of target

New UN data shows that annual financial aid from wealthy nations to poor countries for fighting climate change and adapting to its effects reached over $70 billion in 2016, according to Bloomberg.

Why it matters: The report arrives ahead of the next major UN climate summit in Poland next month, and climate finance will be among the items on the agenda, the story notes.

A 2009 summit produced an agreement to mobilize $100 billion annually by 2020.

The intrigue: per Bloomberg, "While the amount of funds has been rising, both the U.S. and Australia have stopped contributing to the Green Climate Fund, raising concerns that their pledges won’t be met."

The big picture: Recent scientific reports that underscore the dire consequences of letting warming rise by more than 2°C (or 3.6˚F) above pre-industrial levels, and major harms even if warming is limited to 1.5°C (or 2.7˚F).

Nonetheless, global carbon emissions are on a trajectory that scientists say will lead to far higher levels of warming, and worldwide emissions are rising again after a multi-year plateau that ended last year.

Go deeper:

More stories loading.