The world needs about $9 trillion of investment annually to tackle climate action and about $1 trillion annually to exert energy transition in many countries, according to Makhtar Diop, managing director of the US-headquartered International Finance Corporation (IFC).
Speaking at the World Government Summit 2023 in Dubai, Diop said the aim of the world leaders should be building a sustainable future, and bridging the financial gap to tackle climate challenges.
He also noted that COVID-19, geopolitical crises, and devastating natural disasters have hindered the efforts of achieving climate goals.
He stressed that the COP 28, to be held in the UAE later this this year, will offer a genuine opportunity to discuss energy transformation issues and support climate action, including harnessing technologies for this purpose.
