In Baku, Azerbaijan, the so-called “finance-Cop” was a disappointment. Now, the UN’s Framework Convention on Climate Change (UNFCCC) is facing a credibility crisis.
A key failure in Baku was about how much money developing nations will be paid for adaptation projects that help communities and infrastructure withstand the impacts of climate change. The outcome included US$300 billion (£239 billion) for both adaptation and mitigation with no clarity on whether this will be in the form of grants or loans. This falls far short of what developing countries need.

The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate.
The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.