G20 panel says additional $3 tn needed each year by 2030 towards climate action

Additional spending of around $3 trillion each year by 2030 would be required towards incremental investments in climate action and for meeting other sustainable development goals, a G20 panel said in a report, reviewed by Reuters, on Tuesday.

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The independent panel, headed by economists Lawrence Summers and NK Singh, was commissioned by the Group of 20 nations to propose reforms for multilateral development banks with a focus on increasing funding for sustainable developments goals and climate change, among others.