COP27: Developing countries need 1 trillion USD a year in climate finance
(VOVWORLD) - Developing countries need to work with investors, rich countries and development banks to secure 1 trillion USD a year in external financing for climate action by the end of the decade and to match that with their own funds, a report said on Tuesday.
 (Photo: Reuters) |
The report, released ahead of talks on climate change finance at the COP27 summit in Egypt, said the funding was required to cut emissions, boost resilience, deal with damage from climate change and restore nature and land.
It said the total annual investment requirement of developing countries would hit 2.4 trillion USD by 2030, with half coming from external financing and the rest from public and private sources in those countries.
Current investment stands at around 500 million USD, it said.