₹$6.7tn climate funding needed yearly by '30'

Global climate investment needs are projected to reach $6.3-6.7 trillion annually by 2030, with emerging economies requiring nearly half the funding, according to a new report by the Independent High-Level Expert Group on Climate Finance, which called on the ongoing climate conference to deliver on a commitment to deliver at least a trillion dollars every year by 2030.

- Jayashree Nandi

The report, co-authored by economists Amar Bhattacharya, Vera Songwe and Nicholas Stern, calls for mobilising $1 trillion yearly by 2030 in external finance for emerging market and developing countries (EMDCs) excluding China to meet Paris Agreement goals. This figure needs to increase to $1.3 trillion by 2035.

"The less the world achieves now, the more we will need to invest later.

Delayed action means we will need to mobilise even larger sums in shorter timeframes to catch up on critical targets," the authors warned, emphasising that investment needs for adaptation, resilience, and loss and damage will rise sharply as climate risks escalate.