Countries must invest more than $6 trillion annually by 2030 to effectively address the impacts of climate change, or risk facing higher costs in the future, according to a report released at COP29 in Baku, Azerbaijan.
The report, published by the Independent High-Level Expert Group on Climate Finance (IHLEG), emphasizes the need for increased climate action investments across all economies, including advanced nations, China, and developing countries. The experts estimate that $6.5 trillion will be required to meet global climate targets, and any shortfall will create more challenges and raise costs down the line.
A key topic at the summit is climate finance, with a focus on how wealthy countries, development lenders, and the private sector can meet or exceed the existing $100 billion per year goal, which is set to expire in 2025. However, this goal was only met two years late, largely through loans, not the grants that many recipient nations argue are more needed.
