The UN Intergovernmental Panel on Climate Change (IPCC) estimates that an annual investment of US $2.4 trillion is needed in the energy sector alone until 2035 to limit temperature rise to below 1.5 °C from pre-industrial levels. Indeed, climate finance takes centre-stage in every world climate meeting under the aegis of the United Nations Framework Convention on Climate Change (UNFCCC). Developed countries committed to channel US $100 billion in climate finance annually by 2020 to developing countries. The commitment for US $100 billion was first announced in Copenhagen Accord in 2009, formalised in the Cancun Agreements of 2010, and reaffirmed by the Paris Agreement in 2015.
The geoeconomics of climate finance | ORF (orfonline.org)
