Global investment in combating and adapting to climate change reached nearly $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.
“While global climate finance has made some strides, a much more ambitious, cohesive, and effective approach is essential to address the vast funding gap,” said Barbara Buchner, CPI”s Global Managing Director.
“The data from CPI’s Global Landscape report leaves no doubt that investment needs to scale across all fronts — domestically, internationally, and across sectors — to reach our mutual climate goals. COP29 is an opportunity to establish clear, collaborative commitments to finance the transformation needed for a sustainable future.” Annual climate finance flows rose from $ 674 billion in 2018 to $ 1.459 trillion in 2022. However, a fivefold increase is still needed to reach the $ 7.4 trillion required annually through 2030 to limit warming to 1.5 degrees Celsius, the report said.
Alarmingly, fossil fuel investments continued to rise globally throughout 2023 and 2024, surpassing $ 1 trillion despite global commitments to reduce fossil fuel investments. Subsidies for fossil fuel consumption in emerging economies increased fivefold during the same period, it noted.
At the UN climate conference in the UAE in 2023, countries reached a historic agreement to transition away from fossil fuels.
The issue of climate finance is planned to be completely reconsidered at COP29, COP28 Director, Climate Finance, Samir Suleymanov said, Trend reports. He made the remark during today’s panel discussion
China’s top judicial authorities have identified so-called “yin and yang” contracts as a type of tax evasion in a newly released legal document. The designation has been highlighted
The collective fortune of the world’s billionaires grew by roughly $10 billion per day during the first month of 2025 as billionaire Donald Trump took office in the United States, ushering in an administration
The Netherlands has made significant strides in reducing tax avoidance, with recent measures showing promising results. The government’s ongoing efforts, both at a national and international level,