Global climate finance reached $1.5 trn in 2022, must rise fivefold: Report

Quick Summary:

Global investment in combating and adapting to climate change reached nearly USD 1.5 trillion, doubling between 2018 and 2022, but it must increase at least fivefold by 2030 to limit warming to 1.5 degrees Celsius, according to a new study.

The "Global Landscape of Climate Finance 2024: Insights for COP29" report, published by global think tank Climate Policy Initiative (CPI), said climate finance currently represents only 1 per cent of global GDP, far short of the required level.

Emerging markets and developing economies (EMDEs) may need around 6.5 per cent of their GDP by 2030 to meet climate goals.

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Category: BusinessFinance

Markets: IndiaAustraliaAzerbaijanCanadaFranceGermanyJapanNew ZealandUnited States

Topics: Climate finance Global climate finance Climate change Global climate change

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 06:52:00 (2 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 625 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © Business Standard

News ID: 23358626

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