UNCTAD: Developing Countries Need $4 Trillion to Achieve Aims of Sustainable Development

Developing countries across the world face a financial gap amounting to $ 4 trillion of investment in order to achieve aims of sustainable development, according to a new report released by United Nations Conference on Trade and Development ( UNCTAD).

The United Nations (UN) website warns that building a green future is still far away unless the developed nations give a hand to the under-developed countries to bridge the financial gap that amounts to $ 2 trillion of investment in order to finance transit in the energy field.

The report mentioned that the poorest countries fall back inspired by doubling investment in sources of renewable energy by three times approximately since the signing of the Paris agreement regarding dealing with climate change eight years earlier.

According to the UNCTAD report

volume of direct foreign investment in clean energy sources in developing countries will be about $ 544 billion in 2022.

But this sum is lesser than the real needs of funding.

The UNCTAD revealed that the major gaps in investment linked to sustainable development in developing countries were in energy, water, and the infrastructure of transport.