"USD 1 trillion a year for developing countries" - Report emphasizes the need for funds to limit global warming
Negotiators at the UN climate conference in Azerbaijan should focus on mobilizing $1 trillion a year by 2030 to help developing countries deal with global warming, a new report by the Independent Panel of Experts has said. High Level on Climate Finance. This money, according to the international climate finance expert group, is needed from public and private sources.
As countries negotiate at COP29 a new climate finance package to support developing countries beyond 2025, the report warns against the dangers of delayed action. "Any shortfall in investment before 2030 will put added pressure in the years ahead, creating a steeper and potentially more costly path to climate stability," the researchers point out.
Failure to invest enough now, they warn, "means we will need to mobilize even greater sums in shorter time frames to achieve critical objectives." The report highlighted that global climate action requires $6.36.7 trillion per year by 2030, with $2.4 trillion per year needed especially for developing economies.
The Independent High Level Group of Experts was formed to advise successive COP presidencies, starting with COP26. This is the group's third report. They said a fourfold increase in total climate finance and a sixfold increase in external finance by 2030 are needed to keep pace with the Paris climate targets.
At COP15 in 2009, developed countries pledged to mobilize $100 billion a year to help developing countries deal with climate change by 2020. However, this target was only reached in 2022, with loans accounting for about 70 per percent of the total funding provided for the climate.
Developing countries have called for an ambitious climate finance package, to be publicly financed by developed countries, to support their needs and cover losses from climate impacts.
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