Some USD$250 billion out of the $500 billion owed should be spent on mitigation, USD$100 billion on adaptation and USD$150 billion on loss and damage.

As the 2024 deadline for adopting a new climate finance target draws near, UNCTAD released some estimates rich nations owe developing countries to.

The UN agency estimated that USD$500 billion should be allocated to developing countries in 2025 under the new financial target to support climate action.

The estimates are part of a summary report released at the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change in the United Arab Emirates.

At COP21, it was decided to set a minimum of US$100 billion per year by 2025, which would take into account the needs and priorities of developing countries.

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