Mobilizing Trillions: A Marathon for Climate Finance

Negotiators at the UN climate conference are urged to mobilize USD 1 trillion annually by 2030 to assist developing countries in addressing climate change and achieving Paris Agreement goals. Both public and private sources must contribute, with a significant increase in climate finance needed to meet targets.

The UN climate conference in Azerbaijan is focused on mobilizing USD 1 trillion per year by 2030 to aid developing nations in tackling climate change, as per a report by the Independent High-Level Expert Group on Climate Finance.

The report emphasizes that both public and private sectors need to contribute significantly. The urgency is underscored by wealthy countries admitting the necessity for trillions in climate finance.

Discussing at COP29, nations are warned that delays in climate investments before 2030 will compound future costs, stressing the necessity of immediate action to avoid escalating consequences.

(With inputs from agencies.)