A joint Egypt-British report said the developing countries will need $2 trillion a year by 2030 in order to help reduce greenhouse gas emissions and deal with the effects of climate collapse, according to new data, according to Guardian, a UK daily newspaper.
The report, which was jointly prepared by the Egyptian and British governments and presented at the Sharm El-Sheikh COP27 Climate Summit, said the money would be needed so that poor countries could move away from fossil fuels, invest in renewable energy and other carbon-lowering technologies, and deal with the effects of the weather severe.
The Guardian added that the figures, which will cover all the needs of the economies of the developing world with the exception of China, are far from any climate finance that has come so far to help poor countries.
About half of the required funding is expected to come from domestic sources, the report said, from strengthening domestic public finance in local capital markets
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