An estimated 97 per cent of the country’s biodiverse Marine Protected Areas are at risk of extinction from existing and planned oil and gas projects, according to new analysis by Rimbawatch.

Public asset damage rose to US$96.3 million, against total losses of US$236.3 million last year, a new study showed. Although more than half of victims had adopted proactive measures, only about 5 per cent had insurance coverage and 20 per cent made no prior preparations.

Ensuring funds reach countries most in need, quickly and equitably, is climate finance’s biggest challenge.

In a tense closing plenary, countries protested the lack of finance and new adaptation indicators, amid a failure to include fossil fuels in the final agreement. The hard-won inclusion of the just transition work programme was overshadowed by vague funding promises and the exclusion of critical minerals.