India, Nov. 14 -- Talks at the 2024 UN Climate Change Conference (COP29) in Azerbaijan's Baku should focus on mobilising at least $1 trillion annually by 2030 in external finance from all sources for the investments necessary by emerging market and developing countries (EMDCs) other than China to deliver on Paris Agreement goals, a report by the Independent High-Level Expert Group on Climate Finance has said. The mobilisation should be about $1.3 trillion by 2035, it added.

The report warned that any shortfall in investment before 2030 will place added pressure on the following years, creating a steeper and potentially more costly path to climate stability. "The less the world achieves now, the more we will need to invest later."

The re...