Experts' advice on climate finance, said - developing countries need one trillion dollars every year till 2030

Amidst the debate over climate finance at the UN COP-29 climate summit underway in Baku, Azerbaijan, experts have advised developing countries. The experts said developing countries need one trillion dollars every year till 2030 to deal with the increasing heat around the world.

Experts have said in a report that the need for climate finance can be met from private and public sources. The report said that delays in climate finance can increase the risk. Experts said that any reduction in investment before 2030 will put pressure on the coming years. This can make it difficult and expensive to bring climate stability. If the investment is not successful now, a large amount will have to be raised in a short time frame to achieve the target.

According to experts, global climate management will need US$ 6.3 - 6.7 trillion per year by 2030. Emerging economies will need US$ 2.4 trillion annually, out of which US$ 2.4 trillion is needed for emerging markets and developing countries outside China. This needs US$ 1.6 trillion for clean energy, US$ 0.25 trillion for climate adaptation, US$ 0.25 trillion for loss and damage, US$ 0.3 trillion for sustainable agriculture and natural capital, and US$ 0.04 trillion for appropriate transition.

The expert group was constituted to advise the COP Presidents in the run-up to COP26, comprising three co-chairs: climate finance experts Amar Bhattacharya, Vera Songwe, and Nicholas Stern. The expert panel added that all sources of finance must be tapped to address the needs of climate finance, asserting that to reach the target, there will be a need for a fourfold increase in climate finance every year till 2030-with a sixfold increase in external finance. This has to be accompanied by bilateral climate finance from better economies, which needs to be doubled or more.