A new report from the United Nations Framework Convention on Climate Change (UNFCCC) finds that far more investment is needed to hold greenhouse gas emissions in check, especially in developing countries.
The study, an “analysis of existing and potential investment and financial flows relevant to the development of an effective and appropriate international response to climate change” says that additional investment and financial flows of $200 to 210 billion are needed by 2030 to return GHG emissions to current levels.
The UNFCC study shows that governments will need to adopt new policies and change the way they use their funds. One key way of enabling increased funding outlined in the report is by means of the carbon markets. UNFCCC executive secretary Yvo de Boer said: “A long-term international agreement on climate change will broaden the range of mitigation measures that are attractive investments and could allow the expansion of existing market mechanisms to a market of $100 billion per year.”