Developing Nations Will Need $267 Billion A Year To Fight Climate Change

Nations in the developing world will need up to $267 billion annually to confront the effects of climate change, a coalition of African nations concluded in a report prepared for the U.N. climate treaty negotiations. That figure is more than double the amount of development aid currently provided. In 2008, the amount was $120 billion. A coalition called The African Group, consisting of more than 50 nations, called for an investment of $200 billion by 2020 so developing nations can reduce carbon emissions by improving energy efficiency and bolstering renewable energy sources. “Africa is one of the most vulnerable continents to climate change, with major development and poverty eradication challenges and limited capacity for adaption,” according to the text submitted by the group to the U.N. Climate Change Secretariat. Among other priorities, African nations will need an infusion of cash to build stronger defenses to rising sea levels and develop drought-resistant crops.