UN report calls for trillion of dollars in climate finance to aid developing countries
Live MintDeveloping nations will need around $1.1 trillion annually in climate financing by 2025, a figure expected to climb to $1.8 trillion by 2030, according to a new report by the United Nations Conference on Trade and Development. The report outlines a daunting roadmap for climate finance and calls for developed countries to meet escalating financial commitments to support global climate goals. The targets, projected using the United Nations Global Policy Model, underscore the urgency of high-quality, effective climate finance that doesn’t burden developing economies with debt. Manuj Bhardwaj, a Geneva-based climate policy advisor, advocates for a regional finance infrastructure inspired by the European Union ’s economic framework. “Grouping countries with similar needs and regional characteristics under multilateral bodies could drive more tailored, responsive climate financing solutions, particularly in the Global South," Bhardwaj added.