Climate 2022: Developing countries “need two trillion dollars a year” to stop global warming
An international report called on developing and emerging market countries to support at least $2 trillion annually by 2030 if the world is to halt global warming and deal with its effects.
The report, prepared by Egypt and Britain and backed by the United Nations, excluded China from the countries in need of assistance.
According to the analysis presented in the report, $1 trillion of the proposed amount should come from rich countries, investors and multilateral development banks.
The report suggested that the rest of the funding came from local private and public sources.
Current investments in emerging and developing countries (excluding China) to combat climate change amount to almost US$500 billion.
The 100-page British-Egyptian Financing Climate Action report is presented as an investment blueprint to ‘green’ the global economy fast enough to meet the goals of the Paris climate agreement. The treaty aims to limit global temperature rise to less than 2 degrees Celsius or, if possible, 1.5 degrees Celsius.
Scientists warn that warming beyond this threshold could push the Earth into an uninhabitable state.
The new figures show that October was the hottest month in Europe.
Temperatures were about two degrees Celsius above modern standards, according to the European Union’s Copernicus Climate Change Service.
“Rich countries need to recognize that investing in climate action in emerging and developing countries is in their vital self-interest,” said one of the report’s authors, economist Nicholas Stern.
He also noted the importance of “doing justice in the face of the serious impact of high current and past emissions.”
The report is one of the first to identify investment needs in the three broad areas of the UN climate talks: reducing greenhouse gas emissions that lead to warming, adapting to future climate impacts, and compensating poor and vulnerable countries for the damage they are already causing and inevitable , known as “Losses and Damages”.
The report calls for a doubling of grants and soft loans from governments in developed countries from about $30 billion a year today to $60 billion by 2025.
“These sources of funding are essential for emerging and developing countries to support work to restore land and nature and protect and respond to loss and damage from the impacts of climate change,” the report said.
Emerging markets include the major economies of the South, which have experienced rapid growth and rising greenhouse gas emissions over the past few decades. These countries include India, Brazil, South Africa, Indonesia and Vietnam.
China has historically been considered part of this group. It was excluded from the new estimates, likely due to its unique and mixed status.
China’s economy, the second largest in the world, has advanced in many ways. Beijing has positioned itself as a major international investor through the Belt and Road Initiative and the promotion of South-South investment in developing countries.
Developing countries include the world’s poorest economies, many in Africa, and those most vulnerable to the risks of climate change, such as small island nations, whose existence is threatened by rising sea levels and intensifying cyclones.
“Most of the expected growth in energy infrastructure and consumption over the next decade will occur in emerging and developing economies,” Stern said.
“If they depend on fossil fuels and emissions, the world will not be able to avoid dangerous climate change that will damage and destroy billions of lives and livelihoods in both rich and poor countries,” he added.
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