Last year, developing countries spent more money on their national debt than what was promised to them in climate finance for 2035 at COP29: While the UN states agreed in Baku to mobilize a total of 1.3 trillion US dollars in aid, loans and investments for climate action and adaptation in 2035, poor countries spent „a record 1.4 trillion dollars to service their external debt in 2023, while interest costs rose to a 20-year high,“ the World Bank explained at the presentation of this year’s International Debt Report.