Developed countries channeled $8 billion into emerging nations last year for large-scale renewable energy and clean fuel production, a fraction of the aid promised by 2020, Bloomberg New Energy Finance said.
Investment is 35 percent higher than last year, according to a report released by the London-based researcher today. It falls short of the $100 billion-a-year investment that rich countries promised to make by 2020 to help emerging nations adapt to the effects of climate change.
Developed countries in 2009 pledged to increase aid payments over the next decade for projects that alleviate and fight the affects of global warming, ranging from renewable energy to flood protection. Envoys from more than 190 nations are meeting this week in the capital of Qatar to discuss a new global warming treaty and further steps to boost funding.