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Michele de Nevers was attached to the World Bank delegation. She says the lack of an overarching agreement made setting a carbon price impossible. "Whether it was a high price or a low price didn't matter as much as the fact that there would be an agreement on what the reduction of emissions was going to be … which would make all of these carbon markets for climate finance kick in functionally."
De Nevers says the $100bn per year pledged for developing countries would have been "very easy to reach" had the world had a functioning carbon market. Instead the onus for fundraising has fallen on nation states. So far, the total pledged stands at $37.5bn, almost half of which comes from Japan.