Developing countries are going to need a lot more money to deal with the risks they face from climate change, according to a new United Nations report released on Thursday.
The impacts from global warming have hit the world's poorest countries especially hard so far, even though they're responsible for a relatively small share of the greenhouse gasses that are causing temperatures to rise. Flooding in Pakistan this summer that killed at least 1500 people and a multi-year drought in East Africa are evidence of "mounting and ever-increasing climate risks," the UN report says.
To help developing nations prepare for more extreme storms, heat waves and floods, industrialized countries gave them around $29 billion in 2020. But that's a fraction of what the developing world needs in order to reduce the damage from extreme weather events, the report says. By the end of the decade, developing countries will likely need up to about 10 times more money every year to adapt to a hotter planet. By midcentury, those annual costs could soar to more than $500 billion.