Developed countries reveal $100 billion climate finance plan ahead of COP26

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

Yes, but: The original goal set in 2009 was for the countries most responsible for climate change to date, such as the U.S. and European Union, to pay developing countries to help them withstand climate impacts and develop renewable energy resources.