London, Europe Brief News- $2tn (€2tn) a year by 2030 are needed to combat the effects of climate change.
Around half of the $2tn will come from developed countries, if economies are strengthened, but external financing will also be required, outlined the joint UK-Egypt report, which was presented at climate summit COP27.
The money would be used to help countries to transition from fossil fuel infrastructure and develop renewable options.
It will also be needed to help countries deal with the fallout from extreme weather events.
The figures surpass any previous estimates, but one of the report authors, Nicholas Stern, said it was in the “self-interest” of richer countries to help to finance the mitigation of climate change effects globally.
COP 27 climate summit, currently taking place in Sharm el Sheikh, is squarely placing the focus on Adaptation: Climate change adaptation has gained increasing prominence as a global challenge and is now recognized as being of equal importance to climate change mitigation.
The UN Secretary-General has already called nations and development finance institutions to raise Adaptation & Resilience finance to 50% of total climate finance, while also mainstreaming it into financial decision-making.
He also announced that an Adaptation Pipeline Accelerator – to be led by UNDP, the NDC Partnership and the Green Climate Fund -will be unveiled at the COP27, in a bid to draw in funding for adaptation projects.
