Poor countries need $1tn a year in climate finance by 2030, five years earlier than rich countries are likely to agree to at
But large areas of disagreement between the rich and poor world remain, including how much money should be provided and from what sources. This week’s follow-up report warned that by 2035, developing countries, excluding China, would need $1.3tn a year. But waiting until 2035 to reach the $1tn goal would create future problems, the economists said.
“Developed countries should embrace the logic of this analysis,” he urged. “Kicking the can down the road doesn’t help.” Harjeet Singh, climate activist and global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative, said: “Report after report, including this one, makes it undeniable: we need trillions each year to transform economies and tackle escalating climate impacts, and the cost of inaction will be exponentially higher.