"Developing Countries ‘Will Need $2Tn A Year In Climate Funding By 2030’"

"Report co-written by Nicholas Stern says figure required to switch away from fossil fuels and cope with extreme weather impacts"

"SHARM EL-SHEIKH - About $2tn (£1.75tn) will be needed each year by 2030 to help developing countries cut their greenhouse gas emissions and cope with the effects of climate breakdown, new data suggests.

The cash will be needed so that poor countries can switch away from fossil fuels, invest in renewable energy and other low-carbon technology, and cope with the impacts of extreme weather, according to a report that was commissioned jointly by the UK and Egyptian governments, and presented at the Cop27 UN climate summit.

The figures, which would cover the needs of all of the world’s developing economies except China, are far higher than any climate finance that has yet been forthcoming to help poor countries.

“Around half of the required financing can be reasonably expected to come from local sources, from strengthening domestic public finance and domestic capital markets, including tapping into large pools of local finance that national development banks are able to mobilise,” the report says."

Fiona Harvey reports for the Guardian November 7, 2022.