Developing countries, other than China, will require $2.4 trillion a year by 2030 if they are to comprehensively tackle climate change and grow their economies.
A report, jointly commissioned by the governments of the UK and Egypt released at COP27, also estimated that emerging markets and developing countries, other than China, will require $1 trillion by 2025 to cut emissions, boost resilience and deal with the loss and damage caused by climate change impacts, and restore nature and land.
“It is no longer about moving in a certain direction and getting there. We have deadlines that come from science. The urgency is fundamental to the story but so is the growth story,” said Nicholas Stern, co-chair of the Independent High-Level Expert Group on Climate Finance and one of the authors of the report, Finance for climate action: scaling up investment for climate and development.
