Developing Nations Demand $5 Trillion for Climate Goals by 2030

Union Environment Minister Bhupender Yadav highlighted at the 19th Sustainability Summit that developing countries need over USD five trillion by 2030 to meet climate goals. The previously promised USD 100 billion by developed nations is considered insufficient. This topic will be crucial at the upcoming UN climate conference in Baku.

Union Environment Minister Bhupender Yadav stressed the critical financial need for developing countries to meet climate goals, estimating the requirement to exceed USD five trillion by 2030.

Speaking at the 19th Sustainability Summit hosted by the Confederation of Indian Industry (CII), Yadav criticized developed nations for failing to provide the previously pledged USD 100 billion and necessary technology transfers to aid developing nations in their climate endeavors.

Highlighting the disparity in consumption patterns, he warned that poorer nations adopting developed country habits would necessitate the resources of seven Earths. The upcoming UN climate conference in Baku will focus on financial support needed for climate action.

(With inputs from agencies.)