At the 29th UN Climate Change Conference (COP 29), developed nations agreed to increase financial support for developing countries by committing to mobilize USD 300 billion annually by 2035 to support climate action in the Global South. The total financing needs of emerging markets and developing economies (EMDE) go beyond this goal: USD 700 billion per year until 2030 to preserve global biodiversity, and an extra USD 3.9 to 4.3 trillion per year needed to meet the Sustainable Development Goals (SDGs).
The sums needed are even bigger for these countries to fund a green, inclusive economic transformation and move up the value chain.
These estimates highlight the urgent need for sustainable financing to address the pressing…
