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Global South needs $2 trillion a year to tame, cope with climate

A new report is among the first to map out investment needed to cope with climate change impacts
— Sharm el Sheikh (Egypt) (AFP)

Developing and emerging countries -- excluding China -- need investments well beyond $2 trillion annually by 2030 if the world is to stop the global warming juggernaut and cope with its impacts, according to a UN-backed report released Tuesday.

A trillion dollars should come from rich countries, investors and multilateral development banks, said the analysis commissioned by Britain and Egypt, hosts respectively of the 2021 UN climate summit in Glasgow and this week's COP27 event in Sharm el-Sheikh.

The rest of the money -- about $1.4 trillion -- must originate domestically from private and public sources, said the report.

Current investments in emerging and developing economies other than China stand at about $500 billion.

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