The Climate Financing Senate Republicans Have Pledged To Block Is Key To The Paris Climate Talks

Economist Jeffrey Sachs explains why climate finance is key to global action on climate.

Last week, Senate Republicans moved to undermine the impending climate talks in Paris by vowing to block the $3 billion President Obama had pledged to help developing nations prepare for the impacts of climate change.

The financial aspects of fighting climate change have always been complex, to say the least. At the 2009 climate summit in Copenhagen, trust broke down between developed and developing countries, and the talks failed to lead to a significant reduction in greenhouse gas emissions. However, then-Secretary of State Hillary Clinton was able to salvage hope from the jaws of discord. Clinton paved the road for a quorum on climate by promising the United States would help amass $100 billion a year by 2020 to aid developing countries.

The $100 billion in climate financing will prove essential to building trust between developed and developing nations. It’s part of the reason why December’s climate summit in Paris, the long-awaited sequel to Copenhagen, will succeed where previous efforts have failed.

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