COP28 president underscores the need to transform climate finance and overcome the $2.4 trillion gap

President-designate of COP28, Sultan Al Jaber, has written that “by 2030, the developing world will need more than $2.4 trillion to address climate change–not as a one-off, but every single year. Of this total, donor countries have committed to mobilize $100 billion annually, a small fraction of what is needed”. He affirmed that this requires a concerted effort from governments, international financial institutions, and the private sector to transform the existing financial architecture and align financial flows with the global climate goals. This, he says, requires governments to create the right policy environments, and international financial institutions need to operate more efficiently.

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