In a report presented to a preparation meeting for the UN climate change summit slated to be held in Bali, Indonesia in December, the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) said additional investment and financial flows of up to $210 billion will be needed each year by 2030 in order to maintain greenhouse gas emissions at current levels.
The UN climate change watchdog said the developing countries need a large share of investment and financial flows because of their expected rapid economic growth.
"If the funding available... remains at its current level and continues to rely mainly on voluntary contributions, it will not be sufficient," the report warns.
On Monday, more than 1,000 delegates from over 100 countries gathered in the Austrian capital for the preparation meeting for the UN climate change summit in Bali, which will focus on the financial and economic aspects of battling climate change.
According to the UN report, while the estimated investment flows to developing countries in 2030 represent 46 percent of global needs, the resulting emission reductions achieved by these countries in 2030 would amount to 68 percent of global emission reductions.
The report said additional financial flows needed in 2030 for adapting to climate change impacts amount to tens of billions of dollars, in particular, in sectors and countries that are already highly dependent on external support, as well as in the least developed countries.
The UNFCCC believes addressing climate change in the next 25 years will require significant changes in the patterns of investment and financial flows.
During the upcoming five days, the Vienna meeting will debate on the UN report.
Big parties, including the European Union, China, and South Africa, will present their own proposals to the meeting.