(Photo by Kevin Frayer/Getty Images)Developing nations will need more than $1 trillion each year to make significant progress in climate transition, according Mari Pangestu, a former World Bank official.
"The estimate is like $1 [trillion] to $3 trillion a year for developing countries to be able to transition," she told CNBC's "Squawk Box Asia" on Thursday.
This has led to tensions between developing nations and the developed world, which are pushing for more progress in climate related issues.
"This debate is going to continue unless developed countries can see that this is about development and climate — not just about climate," Pangestu, a former trade and tourism minister for Indonesia, said.
This was "part of the bone of contention," for the lack of progress made in the recently concluded Group of 20 climate ministers meeting in India, Pangestu said.
Persons:
Kevin Frayer, Mari Pangestu, CNBC's, Pangestu
Organizations:
World Bank
Locations:
Inner Mongolia, China, Indonesia, India