By: Amit kumaR Agarwal
- "The future of humanity is at stake. Action cannot be optional": UN Secretary-General at COP29
- By 2030 developing nations need $1 trn a year: Climate Finance Group
- Speaking at the Integrity Matters stocktake this morning, United Nations Secretary-General António Guterres urged delegates to move from voluntary pledges to mandatory rules.
COP29 in Baku saw countries negotiate at a new climate finance package to support developing countries beyond 2025, the report cautions against the risks of delayed action.
As per official statement, negotiators at the UN climate conference in Baku, Azerbaijan should focus on mobilising $ 1 trillion per year by 2030 to help developing countries cope with the warming world.
This money, according to the group of international climate finance experts, is needed from public and private sources.
Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability,"
Failing to invest sufficiently now, it warns, "Means we will need to mobilise even larger sums in shorter time frames to catch up on critical targets."
The report said global climate action requires $ 6.36.7 trillion annually by 2030, with $ 2.4 trillion per year needed specifically for emerging economies.