UNFCCC Report: Developing Nations Require Up to $6.85 Trillion for Climate Goals by 2030
In a groundbreaking revelation, the United Nations Framework Convention on Climate Change (UNFCCC) has announced that developing countries will need between $5.012 trillion and $6.852 trillion to meet their climate commitments by 2030. This estimate, detailed in the second Needs Determination Report (NDR) released on September 10, 2024, significantly raises the stakes in global climate finance negotiations.
The report, which updates figures from the initial 2021 NDR, represents a vital resource for informing decisions at the upcoming COP29 summit in Azerbaijan, where the contentious issue of the New Collective Quantified Goal (NCQG) on climate finance will be debated. With developed nations already lagging behind in delivering the $100 billion annual climate finance goal, the updated fi...