by Ashley Seager

• £300bn needed by poor nations to tackle carbon emissions
• Failure to give could reduce world gross product by 20%

The world's rich countries need to embark on a huge transfer of funds to developing countries in order for both groups to grow richer and reduce their carbon emissions significantly, a United Nations report urges today.

Delaying spending on mitigating climate change in the developing world "runs the real danger of locking in dirtier investments for several more decades", says the annual survey from the UN's Department of Economic and Social Affairs (UNDESA).

Ahead of this weekend's meeting of G20 finance ministers in London, the report estimates that developed countries need immediately to transfer[...]

[Published in GreenNews - Read the original article]