Developing countries need to work with investors, rich countries and development banks to secure USD1trn a year in external financing for climate action by the end of the decade and to match that with their own funds. 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. The world needs a breakthrough and a new roadmap on climate finance that can mobilise the USD1trn in external finance that will be needed by 2030 for emerging markets and developing countries other than China.

Source: Reuters