Those investments in emerging markets and the Developing countries -except China- must serve to “reduce emissions, strengthen resilience, face the damage and losses caused by climate change and restore the land and nature” indicated that expert report commissioned by the Egyptian presidency of COP27 and the British presidency of the previous COP.
The total sum required for these purposes should be of the order of $2.4 trillion a year between now and 2030according to that report published on the third day of this 27th international climate conference.
Of that total approximately 1 billion should come from international investorswhether they are developed countries or multilateral institutions. The rest would come of the economies of those countrieseither from private or public sources.
Current investments in emerging countries and developing economies (except China) are in the order of US$500 billion.
COP27 on climate change
The analysis that was made, of 100 pages, describes a whole series of global measures For try keep the target alive of a maximum temperature increase of +1.5 ºC.
“Rich countries should assume that it is in their own interest”explain the economists Vera Songwe, Nicholas Stern and Amar Bhattacharya.
The authors throw concrete clues such as a refounding of the multilateral development banks or an increase in low- or zero-interest loans from rich countries.
Climate financing currently hovers around US$30 billion. That figure should double in the next three years.
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What are the emerging countries
those who are in development and that have experienced a great growth in the last decadesincluding Brazil, India, South Africa, Indonesia or Vietnam.
China, which is the world’s second largest economy and the largest emitter of greenhouse gases, is a separate case.
UN Secretary-General Antonio Guterres called on Monday “review” the functioning of the international financial system to be able to help disaster-stricken countries like Pakistan, which suffered historic floods this year.
Source: Ambito
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