New report calls for $1 trillion increase in climate finance at COP29

As the COP29 climate summit continues in Baku, a new report highlights the urgent call for climate finance to meet critical global targets.

The report, published by an independent group of high-level experts, recommends mobilizing $1 trillion annually for developing countries by 2030; This is a move that will help solve climate problems under the Paris Agreement.

The report suggests that this financing need could rise to $1.3 trillion annually by 2035. Effectively address growing climate risks.

The report warns that any delay in investment could increase future costs. “Any shortfall in investment before 2030 will put additional pressure on the following years, making the path to climate stability steeper and potentially more costly. The less the world achieves now, the more we need to invest in the future,” the report said. It will be necessary.”

This urgent message further confirms the need for urgent intervention. Sustained action to achieve global climate goals.

The expert group, co-chaired by climate finance officials Amar Bhattacharya, Vera Songwe and Nicholas Stern, has been working on the climate finance agenda under COP presidencies since COP26.

The group aims to support policy options and proposals that will enable the public and private investment objectives of the Paris Agreement, underpinned by the Glasgow, Sharm el-Sheikh agreements and the Global Climate Finance Framework at COP28.

One of the main predictions of the report It is estimated that the global investment need for climate action will be 6.3-6.7 trillion dollars annually by 2030. This includes $2.7-2.8 trillion in developed economies, $1.3-1.4 trillion in China, and $2.3-2.5 trillion in emerging markets and developing countries (EMDCs). outside of China.

The central focus is the role of multilateral development banks (MDBs), including the World Bank, in facilitating this financing. The report calls for MDBs to significantly expand their lending capacity and proposes a three-fold increase by 2030 under the New Collective Quantified Target (NCQG) for climate finance.

The report states that climate finance is the main agenda of COP29. Points out the necessity of developed countries Collaborate in mobilizing resources to assist vulnerable nations.

As COP29 progresses, the call for strong, long-term financing for climate action in developing countries remains in focus, highlighting the global urgency of addressing climate change now rather than later.