World News | Italy Triples Climate Finance Commitment USD 1.4B

Rome, Oct 31 (AP) Premier Mario Draghi says Italy will triple its commitment to climate financing for poor countries to USD 1.4 billion a year over the next five years.

Draghi made the announcement at the end of the G-20 summit in Rome.

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The money is Italy's contribution to the USD 100 billion annually that rich countries collectively have promised but not yet delivered to help vulnerable developing nations transition to low-carbon energy sources and to adapt to the effects of climate change.

According to the final summit communique, the G-20 reaffirmed past commitments to mobilize USD 100 billion annually to help poorer countries cope with climate change, and committed to scaling up financing for helping them adapt.

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A UN report issued last week estimated that it would be several more years before rich nations made good on the commitment. (AP)

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