$1 Trillion Needed Annually for Climate Action in Developing Nations by 2030
A new study by the Independent High-Level Expert Group on Climate Finance reveals that poorer nations need $1 trillion annually by 2030 to address climate change, five years earlier than current UN climate talks suggest. The report warns that delaying this funding until 2035 would burden vulnerable countries. The study suggests that half of the required funds could come from private investments, with the rest from multilateral banks and direct grants. The ongoing Cop29 summit in Azerbaijan is grappling with disagreements over funding sources and amounts, with developing countries emphasizing the need for public finance to address adaptation needs.
