As extreme weather events continue to increase in frequency as a result of rising temperatures, Web3 stands ready to address one of the biggest issues impacting the global fight against climate change: the climate funding gap.
In 2009, delegates at the 15th United Nations Climate Change Conference (COP 15) pledged to reach a target of $100 billion in annual climate financing for developing countries by 2020. Nearly a decade and a half later, the amount of actual funding is estimated to be between $21 billion and $83.3 billion – a fraction of the now-estimated [$1 trillion needed annually]
Of the financing that is provided, the vast majority comes from governments and institutions in developed countries, some of which use climate financing as a means to greenwash their thinly veiled support for resource exploitation. The result is financing terms dictated by the donor countries and few financing alternatives for developing countries.